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Tried checking under the sofa? Indian BTC exchange Coinsecure finds itself $3.5m lighter

Outfit loses 438 bitcoin in security snafu

Indian Bitcoin exchange Coinsecure has mislaid 438.318 BTC belonging to its customers.

In a statement by parent firm Secure Bitcoin Traders Pvt, posted late on Thursday, the biz said its chief security officer had extracted a bunch of Bitcoin to distribute to punters – and discovered the funds were "lost in the process."

The vanished Bitcoin stash was worth £2,493,590 ($3,547,745) at the time of publication, and apparently departed Coinsecure's secure coin servers on April 9.

Earlier this week, folks began to smell a rat as the site went down for an unexpected nap that day:

Things proceeded to become more alarming for worried customers as Coinsecure stopped accepting deposits due to “backend updates.”

We're told chief security officer Dr Amitabh Saxena and chief exec Mohit Kalra should have been the only ones with access to the wallet's private keys. Here's a crime report the biz filled out and submitted to Indian authorities:

Coinsecure FIR

With Bitcoin values tumbling after historic highs, it seems the quickest way to lose your cryptocurrency is to, er, deposit it somewhere. ®

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