June 23, 2024

Millions Lost May Not Ever Be Seen By The Victims Of Coinsecure’s Security Breach

Millions Lost May Not Ever Be Seen By The Victims Of Coinsecure’s Security Breach

The loss of an investment is something that no one would wish upon themselves, and unfortunately, even with all of the security advances within technology today, the possibility of losing an investment due to theft is still there. This was the nightmare that unfolded when this year, on April the 13th a total of $3. 6 million worth of Cryptocurrency was stolen from one of the world’s foremost crypto exchanges wallets.

Explaining The Security Breach

The shockwave rippled across the world as many fears and objections raised against Cryptocurrency and Blockchain technologies came to light. More information has been surfacing; it appears that the robbery of crypto stores was made possible due to negligence on the part of the company’s chief security officer. However, this has yet to be officially confirmed. Recently the company has reported in an official statement that all victims of the recent security breach will have to wait for an undefined amount of time to receive compensation or any money at all. This period of time some are seeing as indefinite.

However, going back to the much publicized hack of Mt. Got where the individual investors and persons who were affected by the theft were immediately given compensation to soften the loss to an extent, it can be clear this move on Coinsecure’s part will not be popular. Yet Coinsecures managing body has given their word to the public that they will receive due compensation in time.

The managing body went on to say that they are currently waiting on notification from the investigating authorities that they may begin giving reparations to affected individuals. There have been delays in the process and the managing body of Coinsecure has promised to provide continuous updates on the investigations initiative as and when they receive them.

How Remunerations Will Be Handled

Coinsecure has stated that should they receive the total amount of stolen Cryptocurrency back then the affected individuals will be paid back in Bitcoin, otherwise, they will receive only 10% of the value in Bitcoin and the rest will be in Indian Rupees.

There have been rumors surfacing within the past couple of months that the hack was orchestrated by the company’s chief security officer Dr. Amitabh Saxena. This was especially due to the fact that in April after the attack the CEO and founder of Coinsecure Mohit Kalra stated that it had to be Saxena as all evidence up until that point suggested that it was aided by parties within Coinsecure.

Kalra stated that Coinsecure had up until that point never had any security breaches, loss of monies or other threats become viable, and that the attack occurred at precisely the point when Bitcoin was being distributed to consumers. Yet, all of Coinsecure’s woes pale in comparison to Coincheck’s a Japanese crypto exchange that lost a total of $530 million this year on January the 28th when their market was attacked by cyber cowboys and their Cryptocurrencies drained from their wallet.

One thing is for certain, we all be waiting with baited breath to hear the conclusion of the investigation and when reparations to investors will finally begin.

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