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   742

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].
 

Coinsecure

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.