After delays, Indian cryptocurrency exchange Coinsecure outlined its
compensation process for customers impacted by the theft of 438 bitcoins
in April, worth approximately $3 million at the time.
In an announcement on its
website on Tuesday, Delhi-based cryptocurrency exchange Coinsecure
revealed it will begin processing customer claims for compensation in
rupees, India’s fiat currency. 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 30th, 2019.
“Please note that the last date for submitting claims to us along
with all appropriate documents is June 30, 2018,” Coinsecure wrote,
giving its nationwide customers fewer than five working days to submit
their claims alongside KYC documents.
The exchange added:
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.
Coinsecure did not reveal any details of an investigation into the theft, which it alleges to be an insider job by its ‘chief scientific officer’ who, at the time, possessed the
private keys of the exchange’s wallet containing customers’ bitcoin
holdings.
Within days of the 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.
“[W]e 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 INR [Indian rupees],” Coinsecure said at the time.
Bitcoin was trading near $6,850 per coin on the same day, so
customers could stand to profit through their compensation claims if
current prices remain under that figure this week. At press time,
bitcoin is trading at $6,200.
