Coinsecure gets hacked after their bank account suspension

[zuber_amla]

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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[deepakg2m]

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.

[lordquanta]

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

[achris]

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]

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]

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]

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]

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]

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]

Yes, I surely don't mind having BTC in hand.

[zuber_amla]

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]

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?"

[zuber_amla]

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?"

BTC price up over 50% since 9th April 2018.
Do you have BTC with Coinsecure.in?
Those who bought BTC >1000000INR price and if refunded 90% of BTC balance in INR at rate of 9th April = >400000INR/BTC, they will lose over 70%, if they go buy BTC with refunded INR they will only get half of their BTC balance they had with Coinsecure.
Are you working for Coinsecure?
Google BTC price end of this year predictions by experts, it's likely to hit $50k.
Who will pay Coinsecure users loses caused by a bloody so called computer scientist's mistake or exit scam plan of Coinsecure?
they haven't updated detailed hack story too.
I have spoken to my lawyer, if they don't refund in full I can file case as fraud against them.

If I don't get full refund in BTC I will report FIR at local police and will file a case against Coinsecure to Cyber Crime Control and Consumer Protection.

Currently there is no rules for Bitcion Altcoins, but Bitcoins Altcoins are digital assets and stealing or taking away any assets by tricking or cheating is an offence by law according to Indian Penal Code (IPC) Section:420. Indian Penal Code (IPC) Section:415, Section:420, Section:421, Section:422, Section:423, Section:424, Section:425 will be applied in such cases.

[edgycorner]

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?"

Whether it reaches 50k or not.They should return what they owe! They owe the user's bitcoins!
WhyTF would they refund back in fiat? MAKES NO SENSE!

BITCOINS AND FIATS ARE TWO DIFFERENT THINGS.IF THEY WANT TO RETURN FIAT THEN IT SHOULDN'T BE VIA A LOCKED PRICE.The day they start refunding, thats the price they should use for conversion and not from the day of the hack.

F*#KING LOSERS.F*#K YOU COINSECURE. THANKS FOR RUINING THE IMAGE. C**TS!

 

[bitcoinwiser]

People does anyone has any update from the CoinSecure team as to when will the refund process start other than the information hosted on the homepage? Has anyone yet visited their office after the theft / or spoken to them on call?

[Real14Hero]

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?"

Whether it reaches 50k or not.They should return what they owe! They owe the user's bitcoins!
WhyTF would they refund back in fiat? MAKES NO SENSE!

BITCOINS AND FIATS ARE TWO DIFFERENT THINGS.IF THEY WANT TO RETURN FIAT THEN IT SHOULDN'T BE VIA A LOCKED PRICE.The day they start refunding, thats the price they should use for conversion and not from the day of the hack.

F*#KING LOSERS.F*#K YOU COINSECURE. THANKS FOR RUINING THE IMAGE. C**TS!

 

Its very difficult to say at what price they should start refunding the fiat if they are not paying btc for the lost btc. I believe there should be some average price that should be paid.

But whatever it is, priority should be to get people their money fast into their pockets, giving false promises to the people is no solution.

People does anyone has any update from the CoinSecure team as to when will the refund process start other than the information hosted on the homepage? Has anyone yet visited their office after the theft / or spoken to them on call?

They won't tell much except for the frequent update about the happening via email and on site. All they want to tell is made public via emails and on site.

[Joyolajj]

Has claims process started? Has anyone received any refunds till now? What is the last email update from them,?

[zuber_amla]

Has claims process started? Has anyone received any refunds till now? What is the last email update from them,?

Yesterday received reply to my support email as below.

-----------------------------------------------------------------------------
Kavitha (Secure Bitcoin Traders Pvt. Ltd.)

May 1, 6:29 PM IST

Hi,

When investigations are underway, we don't have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process

Please do bear with us as we are working on multiple fronts to resolve the issues at the earliest.
Warm Regards,
Kavitha
Team Coinsecure

------------------------------------------------------------------------------

I think we users should start king actions against Coinsecure as soon as possible.
Bitcoin is a digital asset and it has economical value, any assets which has economical value is considered as concept of property by private law and penal code.
We would not take them our assets which has good current economical value and it will have even more value in future.
An assets which has no economical value but has only sentimental value is considered as concept of property in penal code but not considered as concept of property in private law.
While Bitcoin has economical value so Bitcoin is concept of property in penal code and in private law as well.
So Coinsecure can not just pay anything as compensation and lift their hands saying that there is no law for bitcoin in India and Bitcoin is not legalized in India.
There is the law for assets which has economical and sentimental value or only sentimental value whether it's physical or digital assets.
Coinsecure team trying to fool users, they came up with fake hack story and now refund of BTC with 10% in BTC and 90% in INR at price of 9th April.
They think there is no law or no legalization of Bitcoin in India can give them an ease of stealing users money.
Do they know what is concept of property in Indian Private Law and in Indian Penal Code?

Any coinsecure user who has BTC with coinsecure can open case against coinsecure for stealing of assets or taking away of assets by tricking if they don't refund balance of BTC in BTC or in INR at the rate of the day they refund.

[Joyolajj]

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.

I hope Venezuela reads this before giving their money to coinsecure.

Is their situation so bad that they had to scrape the bottom of the barrel?

[samsan]

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.

I Agree my point is also same