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India law enforcement to file charges on Monday in $2.7 million Coinsecure wallet hack

Indian law enforcement agencies are planning to file the charges in Coinsecure hack case on Monday. Coinsecure’s wallet was hacked in April this year and 400 bitcoins worth of INR 20 crores were stolen from the wallet.

Coinsecure is a Bitcoin exchange based in India founded in 2014. Coinsecure claims to be the fastest real-time bitcoin trading platform of India. The cryptocurrency wallet of Coinsecure was hacked in April. The hackers had stolen more than 400 bitcoins from the wallet. At the time of hack, 400 bitcoins were carrying the value of around INR 20 crore while now the value of these bitcoins is $2,773,800. It turns out to be an international crime which spread over six crypto exchanges. Private keys and password of the company which was stored offline leaked leading to this multimillion hack.

On 9th April, the chief executive officer and co-founder of Coinsecure, Mohit Kalra announced that 438.318 bitcoins were stolen from the company’s wallet because of some attack. He openly accused the chief security officer (CSO) Dr. Amitabh Saxena for the crime. According to Mohit Kalra, Dr. Saxena has a role in the crime as the private keys were kept with Dr. Saxena. Dr. Amitabh Saxena was the first person to witness the emptied offline wallet of the company. Later Dr. Saxena was arrested but it is still unclear if his name is there or not in the formal charges of Monday. Coinsecure has already started the compensating its customers in Indian Rupees for the loss of their bitcoins in the attack. The last date for submitting the claims was 30th June 2018.

According to Indian officer Anyesh Roy, Indian law authorities contacted some crypto exchanges from where the bitcoins were routed. Initially, they did not give any response but through the mutual legal assistance treaty, the team is in the process of getting some information.  Mutual legal assistance treaty is an agreement between two or more countries for sharing information. The treaty is primarily used to obtain evidence for criminal investigations and prosecutions. The stolen bitcoins were located in five unnamed cypto exchanges.