All INR funds are safe and we will setup a withdrawal form over the next few days.
Indemnification of all users Crypto funds are being discussed, but will be indemnified by company funds even if we fail to recover funds from this incident.
It looks like the keys were with Amit Kalra as well as Amitabh Saxena. Amitabh must have been trusted enough to have all the keys at one place even if it was a multi-sig wallet.
We are following every procedure possible to make this seamless for our users and we will be posting more frequent updates as we get more information.
We still maintain our banking relationships and have never maintained a fractional system on coinsecure, so, all fiat funds were always safe and withdraw-able.
The explanations regarding fiat or fractional reserves should be comforting for those who would fear that coinsecure too will shutdown like the other scams going around.
Coinsecure is not shutting down. We are going to work our way through this and defend this technology that we have lived and breathed for.
I will try as much to answer any questions, but will have delays as we are all sunk into this compromise.
You guys are among the first adopters in India. This incident confirms again that having your funds on an exchange is still not a good idea. The sincerity not withstanding, the lack of professionalism that resulted in this is still worrisome. Frankly, we'd expect better from someone who has cut his teeth on the forum through the initial years.
The decision to indemnify crypto funds, if taken, would be a landmark for coinsecure. It'll take a lot of heart and I think is the only way you can win back trust of the community and really mean those words when you say "defend this technology that we have lived and breathed for".
If the users are left to fend for themselves, then these will just be hollow politician words that we in India, nowadays, are finding it ever so easy to throw at each other.
Some questions:
Can you provide any details about how the keys were being stored?
How long has Amitabh been out of touch with coinsecure now?