Great news for victims of cybercriminal attack! Being a crypto exchange, you have a lot of responsibilities to each user. An Indian Bitcoin exchange is now forced to reimburse clients the lost funds through an attack.
Coinsecure, one of the most important cryptocurrency trading platforms in India, suffered a cybercriminal attack that left it without 438,318 Bitcoin (around $ 3.3 million). The funds were taken from the company’s official wallet, and some rumors suspect the CSO company for what happened.
The investigation is ongoing and will continue until there are as many clues as possible. For those who have some information, we want to mention that Coinsecure is rewarding persons who will help to find the attackers.
There are suspicions that stolen Bitcoin would have been converted into fiat currency rather than into other digital assets. Finding the guilty ones for this incident remains the company’s main occupation.
The fund will be reimbursed
Coinsecure has announced that all users who have suffered from this incident will get back their stolen funds. There are two options through which the company plans to do it. First, in case if attackers return the currencies, the system will automatically balance the users’ financial accounts. Regarding the second option, according to the company, “if recovery of siphoned BTC is not possible, then we (Coinsecure) 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.”
Unfortunately, this is not the first incident where the Crypto Platform does not have the possibility of immediate reimbursement of lost funds.