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

Coinsecure | Bitcoin Theft | Refund | Compensation in INR and Bitcoin | Cryptocurrency news

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.

With the mounting insecurities of customers at Coindesk, asking for Bitcoin returns before they also get stolen,  Coinsecure has advised users on its website that it has been working with authorities since last week’s theft of 438 bitcoins and has asked for patience as it prepares the claims process.

Read more: Coinsecure India Becomes a Victim of Bitcoin Theft Worth INR 20 Crores

The company encouraged users to call or email between Monday and Saturday from 11 a.m. to 9 p.m. IST. Crypto exchange Coinsecure will pay back users following a $3.4 million theft. However, there’s a catch to this compensation.

Coinsecure posted an official message on its website on Saturday declaring that all of the balances held in Indian rupees are secure. But the 438.318 BTC stolen is currently being tracked and has yet to be recovered. And depending on the outcome of its investigation, those bitcoin-denominated funds may ultimately be paid out in rupees instead.

Coinsecure explained in its message:

“Through the course of the investigation, should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure. However, if recovery of siphoned BTC is not possible, then we 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 [Indian rupees].”

Coinsecure users stand to lose over 18% in bitcoin value gains if the exchange is unable to recover the stolen bitcoins. The exchange said in its statement that it is working with “global exchanges and experts” to locate the funds, and plans to release further updates next week.

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