Coinsecure to Refund in Rupees After $3.4M Hack

Hacked Indian cryptocurrency exchange can provide compensation in local currency instead of "digital gold"
17 April 2018   599

The Indian exchange Coinsecure, which lost about $ 3.4 million in bitcoins last week, is ready to compensate users' losses with one reservation.

According to a message on the Coinsecure website, all the tools users kept in Indian rupees are safe. However, 438,138 BTC recovered and failed. If the investigation does not lead to anything, compensation for losses of users can be made in rupees.

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].


Earlier, CEO of Coinsecure accused the head of the security department in heist and demanded that local police confiscate his passport, fearing that he could leave the country.

On April 9, at the end of the day, the bitcoin price was around $ 6,800, after which it showed positive dynamics and rose by $ 1,500. Thus, if damages are compensated in rupees, Coinsecure users will lose about 17% against the current exchange rate of the crypto currency.

The exchange said it was looking for the missing funds with "global experts and exchanges", and promised to inform users about the successes.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   170

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.