Coinsecure Starts the Compensation Process for 438 Bitcoin Theft
After more than two months of delays, Coinsecure has announced the beginning of the compensation process for victims affected by the hack attack occurred on 9th April 2018.
The Indian cryptocurrency exchange has finally started the compensation period. As previously reported by Coindoo, Coinsecure suffered a cybercriminal attack on 9th April 2018. The company’s losses reached 438 Bitcoins or $ 3 million at that time.
“We are happy to inform you that we have started the process of compensating our customers in Indian Rupees, ex gratia, for the loss of teir Bitcoins in the attack that occurred on April 9, 2018.”
Victims must deliver the signed agreement till 30th June 2018
The official announcement published on 26th June revealed the company began to return in rupees the funds lost by the victims of the attack. They are asked to comply with Coinsecure’s guidelines, more exactly to sign an arrangement that excludes the possibility of platform’s future liability and deliver it along with several other documents to the company’s office until 30th June 2018. The Agreement can be found on the Coinsecure website.
“Please note that the last date for submitting claims to us along with all appropriate documents is June 30, 2018. We will not entertain any claims received after June 30, 2018 and we shall have no liability towards any users who try to submit claims after the said date,” the statement concluded.
Somehow, it isn’t right to leave customers only five days to submit the required documents along with the KYC documents. The Indian cryptocurrency exchange did not make public other internal details on the investigation of the incident occurred in April as it seems to be an insider job.
There were no doubts about the lack of compensation
Shortly after the cyber-criminal attack, the Coinsecure team has announced it will reimburse the stolen funds. They proposed two solutions: in case if hackers return the currencies, the system will automatically balance the clients’ wallets, and “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.”
On the day of the incident, Bitcoin (BTC) was traded at $ 6,850, a detail that some might enjoy as the current price of the most famous cryptocurrency is $ 6,072.
Check the Settlement and Release Agreement on Scibd.