Indian Crypto exchange- Coinsecure bitcoin funds exposed

[awesomewebsites]

Another sad news where, investment of some people got compromised on an Indian crypto exchange. got FIR had been launched and if the funds are not recovered, they will pay from personal funds. It was not a hack as per their statement. Anyone used that exchange here ?

 

[rimvy]

I believe that was one of employees mistake?

 

[Deleted member 601870]

I believe that was one of employees mistake?

It was the company's CSO.

 

[rimvy]

Really bad day for that dude

 

[awesomewebsites]

Really bad day for that dude

Yes about more than 3 million was stolen as reported in media.

 

[rimvy]

Yes about more than 3 million was stolen as reported in media.

But it wasn't stolen, he just transferred funds to the wrong wallet, no?

 

[Gogol]

Really bad day for that dude

he's gonna suffer lol :O

 

[rimvy]

he's gonna suffer lol :O

If that was a mistake, with the wrong wallet address, that is the bad side of crypto payments, that there is no chance to revert payment in such situations, if that would be just bank transfer, you just can call a bank and revert it, but with crypto, it's not the case

 

[Gogol]

there is no chance to revert payment in such situations, if that would be just bank transfer, you just can call a bank and revert it, but with crypto, it's not the case

Ofcourse, that's the problem, unless ofcourse they can beat the owner of the address by a hammer. @jazzc can give you more info on this method I guess

 

[awesomewebsites]

Ofcourse, that's the problem, unless ofcourse they can beat the owner of the address by a hammer.

Why beat that innocent guy who got lucky here ? What is his fault ?

 

[ePrime]

I used that exchange to buy my first Bitcoin when the exchange was still new. If these bitcoins are not recovered, this will hurt other Indian exchanges as well.

 

[Gogol]

Why beat that innocent guy who got lucky here ? What is his fault ?

That's not the question. The question is about how much money there is to be recovered. Do you think Govts. and big agencies give a shite about innocence?

 

[awesomewebsites]

I used that exchange to buy my first Bitcoin when the exchange was still new. If these bitcoins are not recovered, this will hurt other Indian exchanges as well.

Surprisingly, prices on other exchanges is rising fast.

 

[awesomewebsites]

That's not the question. The question is about how much money there is to be recovered. Do you think Govts. give a shite about innocence?

20 Crore INR (as per media reports) .

 

[Gogol]

20 Crore INR (as per media reports) .

That's not a very big amount but I think the person who messed up will end up being liable for this.

 

[Buzzika]

I don't thinks it human/technical error... But deliberate attempt of the internal employees to siphon off and run away with the funds.

 

[awesomewebsites]

That's not a very big amount but I think the person who messed up will end up being liable for this.

Website states that if funds are not recovered, they will pay from personal funds.

 

[Buzzika]

Website states that if funds are not recovered, they will pay from personal funds.

Guy must have made a fortune with Crypto if he can afford to pay that out of his pockets.

 

[awesomewebsites]

Guy must have made a fortune with Crypto if he can afford to pay that out of his pockets.

Most Indian exchanges are running on VC money. I am not sure about this specific case.

Edit: Google search shows that they raised $1.2 Million funding in 2016.

 

[awesomewebsites]

Update: They are offering 10% bounty to anyone who can found the hacker.