To recover lost bitcoins, Coinsecure offers Rs 2 crore as reward

NEW DELHI: Cryptocurrency alternate Coinsecure has announced a reward of Rs 2 crore (approx) to any individual who can assist in getting better the stolen bitcoins. The virtual foreign money alternate mentioned that it had lost $three million (just about Rs 20 crore) from its bitcoin pockets, the biggest reported up to now in the country's fledgling virtual foreign money market.

Coinsecure, which has over 2,00,000 customers trading on its platform day by day, mentioned that round 438 bitcoins, that have been saved in a password-protected virtual pockets had been siphoned off to an unknown destination on the web.

The alternate in a statement launched on its website online mentioned: "We are also seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds."

It added that, "We are happy to issue a bounty of 10 per cent to the community for help rendered for recovery of BTC."

Addressing the customers' concern about the safety of the net foreign money portal, it additionally mentioned that "your INR (Indian rupee) funds are safe with Coinsecure." "We will be updating our users over the next week on how the withdrawals can be requested and processed," it added.

Coinsecure had earlier mentioned that it would compensate shoppers for losses from its existing budget.

Sharing their view on the topic, prison professionals referred to as for a want to keep watch over the virtual foreign money market, instead of imposing restrictions on its industry.

"It is for reasons like these that there is a need to regulate crypto-exchanges," mentioned Anirudh Rastogi, founder and managing spouse at TRA Law, a company that specialises in emerging-technology businesses.

"Pushing the exchange business out from the formal economy to the informal cash economy to operate under the radar will worsen the problem, not solve it," Rastogi added.

(With Reuters inputs)
To recover lost bitcoins, Coinsecure offers Rs 2 crore as reward To recover lost bitcoins, Coinsecure offers Rs 2 crore as reward Reviewed by kailash soni on April 15, 2018 Rating: 5
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