Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook Follow The Paypers on Google +
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Digital Identity, Security & Online Fraud

Bitcoin exchange CSO accused of stealing USD 3.3 million in Bitcoins

Friday 13 April 2018 | 12:35 PM CET

The Chief Security Officer (CSO) of Coinsecure, an India-based cryptocurrency exchange, has been accused of stealing 438 Bitcoins from the exchange’s main wallet.

Coinsecure announced the theft of the 438 BTC, around USD 3.3 million at press time, via two images posted on its homepage, according to Bleeping Computer. The first image contained a statement signed by the Coinsecure team announcing the incident, and the second was a scanned copy of a police complaint Coinsecure CEO filed with New Delhi police.

The CEO blames the exchange’s CSO of extracting Bitcoins and claiming that funds have been lost in the process during the extraction of the private keys. According to the police complaint, the accused CSO informed Coinsecure that the funds “were stolen from [the] company’s Bitcoin wallet due to some attacks.” According to an Indian security researcher, this is the first heist that occurred at an Indian Bitcoin exchange, the online security publication noted.

The theft of the Coinsecure funds occurred after the Reserve Bank of India (RBI) barred local banks and financial institutions from dealing in cryptocurrencies.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement