Indian crypto needs further highly secure: $3m stolen from Coinsecure- Delhi

[smarteth]

A news has come out that $3m has been stolen out from Coinsecure located in Delhi. Around 438 bitcoins were gone which is stated to be the country's biggest wallet theft. There is a mixed belief as now, whether it was done intentionally by an insider or whether it is due to a technical fault.

Although, the CEO of coinsecure says that they are going to balance the loss from the company's personal funds, I think exchanges must learn from this incident in order to make the customers not lose their hard earned money. Even many peoples lives will heavily be affected if things are not balanced properly.

Hopefully, the government's involvement should at least create some regulations and acts, asap in order to avoid such mishaps.

What if the amount is much higher and what if another company like this cannot repay that amount?

[1715157131]

1715157131

[hacholia]

As crypto is not regulated in india so legally we can't claim. Multi billion invested by Indians but govt not thinking about us. Its good that coin secure paying the losses by company fund.
They said that If recovery of siphoned BTC is not possible, then they will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.” This good tactic but not the best because 90% will be returned in INR and if BTC surges to above $10,000 it will be a huge loss to the BTC holders who kept their BTC in Coinsecure. In my opinion, it is fairer to repay it whole in BTC.

Govt is not took logical decision and ban the INR trading.