Coinsecure Starts Compensating the Bitcoin Loss in INR to its Users

During April start, one of the top Indian Bitcoin Exchange firms, Coinsecure, reported a theft of 438 bitcoins worth over Rs 20 crore which comes down as India’s biggest cryptocurrency theft recorded so far. The exchange told that it will begin returning customer funds soon after this point, but was unable to do so because of a police investigation.

Now to offer some relief to the to investors now, Coinsecure informed its customers via email that the company has started the process of compensating its customers in Indian Rupees, ex gratia, for the loss of their Bitcoins in the attack that occurred on April 9, 2018.

Customers who were affected by the early April heist ware required to sign an agreement that, controversially, absolves the exchange operator of any future inabilities and turned in physically to Coinsecure’s office before June 30^th, 2019.

Coinsecure wrote, giving its nationwide customers fewer than five working days to submit their claims alongside KYC documents.

“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 Agreement has been uploaded on the Coinsecure website and can be downloaded from there. This agreement will have to be duly signed and delivered to Coinsecure’s office along with the documents mentioned in the Agreement before June 30, 2018. The documents include

• Copy of Adhaar Card front and back scan for photo ID + address proof.
• Copy of PAN Card of the Customer.
• Cancelled Cheque of The Bank Account in which compensation will be credited.
• Copy of the last filed Income Tax Returns (Form V)

A few days after the bitcoin theft, Coinsecure offered a 10% bounty to information leading to the recovery of the stolen bitcoin. In a promise to refund its customers, Coinsecure said it would return the siphoned bitcoin if it were successful in recovering the stolen coins. If it failed to re-possess the bitcoin, the exchange operator revealed it would refund 10% of the stolen account balance in bitcoin and the remaining 90% in Indian rupees.

Read More: Post Bitcoin Theft, Coinsecure to Refund Its Customers in 10% BTC and 90% INR

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