Coinsecure prepares to reimburse customers claims as it starts receiving fresh deposits

Indian-based Coinsecure Losses $3 Million to theft, announces bounty Cryptocurrency New

As Coinsecure prepares to process customer’s claims, it has advised users to remain patient noting it has been collaborating closely with authorities since the theft. Through information on its website, the company admits that the ongoing investigations are slowing down the claims process hence the need to exercise patience. While following due process in the investigation, Coinsecure legal team is still reviewing its contracts and preparing the Claimant Application forms for its customers.

Earlier this month, Coinsecure suffered a devastating theft on its crypto businesses where the exchange reportedly lost a massive sum of $3 million worth of 438 bitcoins stolen. The company on its police filing faulted its Chief Scientific Officer for the crime. “We regret to inform you that our bitcoin funds have been exposed and seem to have been siphoned out to an address that is outside our control. Our system itself has never been compromised or hacked, and the current issue points towards losses caused during an exercise to extract BTG to distribute to our customers.” The company said at the time.

SEE ALSO:   Aeternity News Today: Aeternity (AE) Goes Live on Coindelta Crypto Exchange

In another notice posted earlier this week, Coinsecure reassured its clients that further deposits made in Indian fiat rupees are safe. If the stolen funds are eventually recovered, customers would be refunded their complete balance in bitcoins otherwise, they will get their monies in Indian rupees.

If it becomes impossible to recover lost money, Coinsecure said it’ll apply the rates of April 9, 2018 where customers might lose over 18% in bitcoin value gains considering that bitcoin valued at just under $6,850 per coin at that period. 90 percent would be refunded in Indian Rupees while 10% would be in BTC.

SEE ALSO:   Ethereum's Co-founder, Vitalik Buterin, Says the ETH Network Has Some Exciting Upgrades Coming Up (ETH News Today)

After the theft incident, Coin secure alerted its clients to refrain from making deposits to its account pending when necessary investigations are concluded, the exchange, however, assures them that a permanent solution is being worked out although no timeframe was disclosed.

loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Blockchain Research Center Launched by Standford University With the Support of Ethereum Foundation

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!