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Author Topic: Coinsecure gets hacked after their bank account suspension  (Read 370 times)
zuber_amla
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April 16, 2018, 05:23:02 PM
 #21

may be this hack is real because transfers are in small amounts .. seems like attacked

If it was a hack, transfers would have done in minutes or hours and mixed within 24 hours, last transfer from so called hacker's wallet 139+ BTC on 16 April 2018. 8 days to transfer BTC from first address.
Hacker and Coinsecure+Cyber Cell playing Hide n Seek?
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April 18, 2018, 02:06:10 AM
 #22

may be this hack is real because transfers are in small amounts .. seems like attacked

If it was a hack, transfers would have done in minutes or hours and mixed within 24 hours, last transfer from so called hacker's wallet 139+ BTC on 16 April 2018. 8 days to transfer BTC from first address.
Hacker and Coinsecure+Cyber Cell playing Hide n Seek?

It is obvious that if the hackers have done so then the transactions would have been very fast and a huge amount would have been transfered in a very short time period.

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lordquanta
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April 18, 2018, 07:58:49 AM
 #23

I still have the trust with coinsecure. I wish them best of luck and recover soon.
achris
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April 18, 2018, 09:50:14 AM
 #24

I still have the trust with coinsecure. I wish them best of luck and recover soon.

"How safe is your money with crypto exchanges"    Article in mint today - after the coin"secure" heist.

https://www.livemint.com/Money/dhe9IbsAGWqwWpc75A2VfM/How-safe-is-your-money-with-crypto-exchanges.html
Real14Hero
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April 18, 2018, 11:08:47 AM
 #25

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.

Are you sure that allowing for withdrawal of fiat funds is the right approach to be followed?

Sorry to bring up an extreme scenario - but what happens in the case of a liquidation? All creditors of Coinsecure (i.e. customers) should have equal access to the left over assets. It shouldn't matter whether customers have stored assets in the form of bitcoins or fiat, and what is the form of assets which have been stolen.

The above approach is what has been followed in the case of other hacks - including Bitfinex.

If Coinsecure is able to absorb the loss, then the approach followed really does not matter.
for the fellow users, they'd at this moment be happy enough if they can get funds out in ANY form.

People won't be really concerned about getting INR for their BTC, but question is when will they really get their money and if they ll even get it or not.

I remember going to the print contractor just below coinsecure office where they were getting ads , papers and stuff printed, sad to see what has now happened to the company.
Any chances of bounce back?

zuber_amla
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April 18, 2018, 08:13:54 PM
 #26

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.

Are you sure that allowing for withdrawal of fiat funds is the right approach to be followed?

Sorry to bring up an extreme scenario - but what happens in the case of a liquidation? All creditors of Coinsecure (i.e. customers) should have equal access to the left over assets. It shouldn't matter whether customers have stored assets in the form of bitcoins or fiat, and what is the form of assets which have been stolen.

The above approach is what has been followed in the case of other hacks - including Bitfinex.

If Coinsecure is able to absorb the loss, then the approach followed really does not matter.
for the fellow users, they'd at this moment be happy enough if they can get funds out in ANY form.

People won't be really concerned about getting INR for their BTC, but question is when will they really get their money and if they ll even get it or not.

I remember going to the print contractor just below coinsecure office where they were getting ads , papers and stuff printed, sad to see what has now happened to the company.
Any chances of bounce back?

I would be happy if i get my funds back in any form either BTC or Fiat (INR), but refund in BTC must be full balance or refund in INR must be at the rate of BTC/INR on the day of refund, not at the rate of 9th April.

My BTC at Coinsecure was since BTC price >1000000INR so if i get refund in INR at current rate then I can buy again BTC from that money and store somewhere else until i get my price.

If they refund 10% of BTC balance in BTC and rest 90% in INR as of rate on 9th April 2018, then it would >60% loss for me.

There must be some Coinsecure users who have bought BTCs at the rate of >1300000INR also, if they get refunded 90% of BTC balance in INR at the rate of 9th April it would be >70% loss to them, i don't think any of Coinsecure users would like to get refunded BTC balance in INR at the rate they have locked.

The decision/idea of refunding back BTC balance in INR at the rate they locked is totally insane, looks like they have pocketed enough money and up to quit business.

Who will use Coinsecure if they make innocent users pay for mistake/scam done by their own?

If Coinsecure wants to stay in Indian Crypto Market, they have to make full refund to the users, else they'll be off the Crypto Game in India.
HPG
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April 19, 2018, 08:43:18 AM
 #27

if Coinsecure has/is arranging funds for the BTC stolen then they can and must buy BTC now and reimburse to us as soon as they can.

10% BTC is a laugh on our face IMO

Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.

What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.

zuber_amla
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April 19, 2018, 01:11:36 PM
 #28

if Coinsecure has/is arranging funds for the BTC stolen then they can and must buy BTC now and reimburse to us as soon as they can.

10% BTC is a laugh on our face IMO

Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.

What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.



This is just a hack drama to take our BTC at low rate, everyone knows BTC price likely to hit $50k by end of this year, They know it well and want to make huge profit from our BTC.

Don't let them do that, all coinsecure active users should write to them, those who living in Delhi or around should visit their office regarding this.

If they do not pay back BTC balance 100% in BTC or INR at the rate of the day they refund then all should file complaint against Coinsecure as fraudulent at local police or consult lawyer/consumer court lawyer regarding this.
achris
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April 20, 2018, 07:46:29 AM
 #29



Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.

What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.


What if the BTC prices go down in 3 months ? Say 50% of today's value ? Will you be still wanting it in BTC from coinsecure ?
HPG
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April 20, 2018, 12:21:26 PM
 #30

Yes, I surely don't mind having BTC in hand.
zuber_amla
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April 21, 2018, 06:45:51 PM
 #31



Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.

What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.


What if the BTC prices go down in 3 months ? Say 50% of today's value ? Will you be still wanting it in BTC from coinsecure ?

Of course even if BTC price down to 50%, i would still want BTC for my BTC balance at Coinsecure.
Real14Hero
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April 22, 2018, 01:28:26 AM
 #32

if Coinsecure has/is arranging funds for the BTC stolen then they can and must buy BTC now and reimburse to us as soon as they can.

10% BTC is a laugh on our face IMO

Even if They give INR immediately then at least we can buy BTC at current rate and suffer less loss and looks somewhat justified.

What use will be INR if it reaches us much later when BTC rate would be higher like last year rally.



This is just a hack drama to take our BTC at low rate, everyone knows BTC price likely to hit $50k by end of this year, They know it well and want to make huge profit from our BTC.

Don't let them do that, all coinsecure active users should write to them, those who living in Delhi or around should visit their office regarding this.

If they do not pay back BTC balance 100% in BTC or INR at the rate of the day they refund then all should file complaint against Coinsecure as fraudulent at local police or consult lawyer/consumer court lawyer regarding this.
Everyone knows ? How do you know it will hit $50k by the end of this year?

Remember -
"nobody knows if it is gonna go up, down, sideways or in fucking circles, least of all brokers, right?"

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