Topic: Major indian exchange gets hacked, 438 bitcoins stolen COINSECURE - page 2. (Read 1163 times)

There is literally no cash right ? Why would you think the cash wasn't affected ?

1.So you are saying more money is stuck in the exchange or it's just you ?
2.This is sick.Please elaborate and explain the case in detail.
3.They should be giving the bitcoin lost at it's value during the hack to all it's customers.
4.Not that I'm aware of.

Cash balance (fiat) held with bitcoin was not impacted by the alleged theft.

• What is preventing CoinSecure to let customers withdraw the Cash balance as they could before the alleged theft?
• Why is CoinSecure requesting documents if the customer account is already verified?
• What will happen if after CoinSecure settles with all customers, and then "magically" they are able to recover 438 Bitcoins? Will they give option to customers to reverse INR settlement and get Bitcoin back?
• Is there a deadline for customers to settle?

Hi guys,

I'm one of the Coinsecure shareholders. I own 2.345% of 10% of Coinsecure shares that were offered to investors in 2017 through BnkToTheFuture.

I'm as frustrated as many of you that the funds have not yet been repaid to the users, but I understand that this things take time, especially while official investigation is underway and a lot of things can't be disclosed.

I just want to say that Coinsecure can also pursue the option to sell more equity. Personally, with assurance from the founders that Coinsecure will again open for business, I'd be willing to increase my current stake at least 5 times. While this is still not a huge amount of money, I'm pretty sure other investors would be interested in this arrangement as well.

However, when I asked this on investors forum, I was told that Coinsecure is not looking to sell more equity and that users will be compensated by directors' personal funds. My offer still stands though should they change their mind.

This might be an exit scam plan of coinsecure to get away with clean hands.

This hack story is proven to be a fake hack story.

This is maybe the first bitcoin hack story in crypto history with such poor excuse.

Any experienced CSO would never use private key of active BTC wallet for fork coins in first place.

Even if it is necessity of active BTC wallet private key to be inserted, nobody will insert all keys at once rather start with a key of wallet which has a small amount of BTC.

According to their update and blockchain details hacker took 6:30hrs to transfer BTC to his address and CSO called CEO and others onto conference call soon after all BTC were transferred.

Was CSO waiting for hacker to take all funds away before informing to CEO and others?

If he knew BTCs are being sent to unknown addresses, why didn't he inserted keys of the rest of BTC into other wallet and moved coins out of stolen keys wallets to save whatever BTC he could?

If he only knew this hack after all funds transferred, did he knew it only soon after all funds were stolen? not even one hour before all funds transferred nor an hour later?

139BTC were lying in so called hacker's first wallet for over 6 days, anyone heard before that hacked coins kept in first address of hacker for more than few hours?

What is the proof they have that stolen BTC funds are users funds not their personal funds?

438BTC was total BTC funds of coinsecure users balance?

If they want to refund to users why not in few days, why taking weeks?

90% of BTC balance in INR at rate of 9th April and 10% in BTC, Is this a joke?

Are they aware of how much user will lose if they refund this way and who will use Coinsecure.in after this?

Do you think this decision of this type of refund is wise, does it look like they interested in restart crypto exchange business again?

This is looks like exit scam of Coinsecure, users should file complaint against Coinsecure at local police and Cyber Crime Control authority of India.

All Coinsecure users should take action before they execute their exit scam plan and get away with clean hands.



 

If the image of Bitcoin could be destroyed by a crappy exchange BTC would be really dead by now.
We survived two Gox (es?), Bitcoinica, Bitswamp, Bitfinex, BItfloor...there is room for more.



According to this
https://cryptocoincharts.info/markets/show/coinsecure
they weren't making more than 20 BTC volume a day, even if we consider a 5% fee (!!!!), they have been making less than 1BTC a day, those 438 coins are more than a year worth of income.
And how many are going to come back ?

According to their new update they are just going to take more time to refund the user's.
This process is gonna take more than at least 3 months for sure.And they will blame it on the authorities for being slow.

No reply from Benson on this forum either, looks like they just want to play with time and are waiting for the storm to go away.

Anyways, those shitheads have already destroyed the image of bitcoins and only a fool will support them.

So what do you think I have been hinting at all along?


I thought your point was to be as coy as possible while telling me how puny my business brain is.. No? Okay.


This is news to me. I find it hard to believe that they raised so much money for an Indian exchange, that too, for an exchange that only dealt with Bitcoins initially. Sadly there is no way to authenticate such claims and no one cares enough.
This is one of their public crowd-funding rounds : https://bnktothefuture.com/pitches/coinsecure Even there they did not cross the million mark. And this was when they were well established and quite popular already.
However, since I am not affiliated with them or anything, who knows what's been cooking behind the closed doors.

Until when that happen, then its no point to give hope to when there is none.  Reading their latest update as on the 18th, there is no way its said there on whether they have recovered the amount stolen neither did they give a time line to when the withdrawal will be available. All I see there was just some hiding behind legal connotations and to me its just damage control to ensure that the panic subsidies.

Its unfortunate that people's trust is being betrayed like this by custodians of bitcoin whether its their fault or not, its their responsibility and not this time when the government is just cracking down this will give validity to their actions and would discourage more users especially newcomers the reason not to trust again.

Speaking of Mohit Karla,do you know what's his annual networth ? Trust me whatever loses he is paying "from his own pocket" is not even 0.5% from his total net-worth.

Founders can definitely fund the entire amount from their pockets considering how rich Mohit Karla is.My point is,pay what people actually lost and not just try to look nice by paying something.

I'm not able to find the proper links as this was way back in 206.Here's the link : https://yourstory.com/2016/04/coinsecure-funding/

Instead of advocating about how potent my business knowledge is why don't you find out how the company was funded and how much of personal money Mohit Kalra and Samuel poured into the startup. And they barely raised a few crores in each of their seed funding rounds - both public and private. FYI, 1 crore = $154000

Now my information might be outdated and may be incorrect. But my comment about them funding this out of their own pocket is stemming from a simple fact, Benson's own admission of having poured in a few crores of his own savings into Bitcoin early on.
I'm simply saying that even if the company doesn't have enough funds in their coffer to refund every customer, the founders themselves can fund it all from their own pockets.


Nope, not aware. Care to share the source of this information?

- Being the founder the funds in his company are not his! You might be aware,the company raised a million bucks from the investors who will be active stake holders too.Pretty sure whatever will be paid would be out the company's stagnant funds and not out of anybody's pockets.Like I said you need you get your business basics correct.

- They're not giving what they customers lost.

He is not my relative that I would be biased emotionally or personally. Generally, it makes sense to refund the customers out of company funds. Being the founder, the funds in his company is also his. True that I am not aware how they are funding the refund, but at least they are doing it. Owning up to a mistake. That's way more than what some other companies did. (remember Gox?)

- He is not paying from "his pocket".Please get your business economics correct.
- Don't let your personal/emotional attachments refrain you from making wrong conclusions.People trusted them with their valuables and it's totally company's fault that they couldn't take care of it.
- I reckon anyone who is willing to settle for a the money in cash is an absolute idiot ,people should get what they own.Not like the company went bankrupt and they have nothing to give anyone.

Yea, I know that pretty well.That's why I said "if he gets back this position"
He has all the benefit.I am just sharing my personal opinion about this.

Then he wasn't worth that reputation, imo.Are you still not getting the point?? PEOPLE TRUSTED HIM BECAUSE OF HIS SO CALLED "REPUTATION",AND ALL HE DID WITH IT WAS GIVE ALL OF IT TO ONE GUY!
So who's fault is it? Stop acting dumb.Maybe you should go through the details once again.

In case you didn't notice, he's no longer the mod. Also he's having to pay from his own pocket.. well sort of.. company's pocket and since he is the founder this burns him too. Do you have any idea what it feels like when someone fucks with your livelihood and reputation that you have worked so hard to build? Give the man a break! He's supported the community all these years, the least we could do is be patient and give him the benefit of the doubt.

Please read my email conversation with Coinsecure support regarding full refunds of BTC, It's been 2 days now but no further updates from Coinsecure.

-------------------------------------------------------------------------------------------------------------------------

Kavitha (Coinsecure - Support) <[email protected]>
To:
Zuber Amla

17 Apr at 3:06 PM

##- Please type your reply above this line -##
Your request (79635) has been updated. To add additional comments, reply to this email.

Kavitha   
Kavitha (Secure Bitcoin Traders Pvt. Ltd.)

Apr 17, 3:06 PM IST

Hi,

We will send out further communication on that by tonight. Our team is working with authorities to arrive at the best options for all our users.


Thank you for your understanding.


If you have any other queries please email us at [email protected] or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure

Zuber Amla   
Zuber Amla

Apr 17, 1:54 PM IST


Hello,
Funds are lost due to mistake made by your CSO and given hack story is not acceptable also, maybe this is the first Crypto Exchange hack story with such poor excuse.I want my BTC balance refunded in BTC not in INR at price of 9th April, I am holding *.***+ BTC since price was >1000000INR,  Also read users posts on Bitcointalk forum thread https://bitcointalksearch.org/topic/major-indian-exchange-gets-hacked-438-bitcoins-stolen-coinsecure-3314633

Thank You

It will take years to fight something like this in the court.Hate to say this, but now we don't have any other choice.They are the bully here, we can either take it or leave it.
Unless you have some connections, pull some strings and then you can easily get those guys behind the bars.Ptetty sure one of their customers must be having good connections, hope for someone with connections to get enraged and nail them from their ass.

And after the central banks announcement, they were bound to fail!
They aren't even telling us the whole story, probably they got a notice from the bank or something(how could they not?).They are afraid that if they tell us everything, then their sins will be exposed.

Poor people with no moral values starting exchanges. What else could we expect.

Well, I guess we a need a new mod.Benson, whatever you did for the community(until the hack), we thank you for that.
But after this, it will be really disappointing if he gets back this position.Fucking up with people's money, and then playing a blame game just to prove your innocence without providing any facts.And then keeping the community clueless by going offline.Totally not like a moderator of bitcointalk.

It could have been an inside job or at least someone on the inside gave assistance to an outside party. There is a new exchange there called bitindia, but they scammed their applicants by asking the winning voters for several btc to be listed even after winning the voting competition!

Totally agree with you there ! If it was some random Syrian/Russian hacker who would have emptied all the funds from an exchange,the case would have been different.But this is an internal team fuck-up/inside job which should be taken care by the team members.From what I know,the have way more in profits/Funding from the total bitcoins lost so I don't see any issues with giving customers what they originally own.

What's your point ? Are you implying some more BTC should have taken so it could match the previous records for your satisfaction ? 

All users who have their BTC with coinsecure should write to coinsecure that they want their BTC balance refunded fully in BTC not in INR.

If they don't agree to pay full refund in BTC for BTC balance then users should file fraud case against CoinSecure. Grahak Suraksha, Consumer Courts are also there to fight fraudsters with no fees.

I am a user of CoinSecure since 2016 and i visit CoinSecure regularly, I have noticed that CoinSecure's trade volume constantly dropping from last few months due to BTC price fall and other BTC to INR exchanges opened who provide better support and fast transactions. They were battling to create volume and they were also delaying in Fiat withdrawals.

This is not a hack, possibly whole story is a stunt to profit out by refunding in INR at low price and relief of $3.6 million in taxes. 438BTC are gone nowhere, they are by them and once investigation is over these funds will be exchanged. $3.6m so called loss for CoiSecure maybe profit of millions of dollars.

Indian government should take strong actions agaist CoinSecure and Cyber Cell should investigate hard and expose this scam.

Why used BTC active address for BTG fork coins, why not moved funds to other wallet first?

Gave 6 hours time to hacker for transferring funds to hackers BTC address?

Mr Computer Scientist called CEO CTO onto a conference call after each and every BTC was moved to hacker's address?

Or Mr Computer Scientist only knew the funds are stolen soon after all BTC were moved? not even an hour before or an hour later?

What wallet was used for fork?

How the system was compromised to steal keys if no virus found?

This is a matter of ~22crore, can't  polygraph (Lie detector Test) admitted by court if appealed?

CoinSecure guys think lack of crypto knowledge in Indian crypto users will make all users believe whatever story they come up with.