Coinsecure hack gets a new twist; charges to be filed a day before RBI cryptocurrency decision

The Coinsecure hack story is getting another twist in the tale with law enforcement reportedly filing official charges in India’s capital, New Delhi today [10th September]. The move comes in the wake of the revelations that the hacks were the works of an international crime syndicate and was not a closed case.

Anyesh Roy, Deputy Commissioner of Police, Cyber Crime Delhi Police said:

“We contacted some of the exchange firms from where the bitcoins were routed.Initially, they didn’t give a response, but now we are in the process of getting the information through mutual legal assistance treaty.”

The Coinsecure had created quite a ripple in the fintech space back in April when it was announced that over $3 million worth of Bitcoin [BTC] was stolen from users making it the biggest scam in the history of India’s cryptosphere. What made the case quite intriguing was the fact that the company in the First Information Report [FIR] named their own security officer, Dr. Amitabh Saxena as a complicit in the hack. The official letter released by the company stated:

“On April 9th, we were informed by our CSO that 438.318 were stolen from our company’s bitcoin wallet due to some attack. As the private keys were kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in this entire incident.”

Following the hack, the exchange had also reassured holders and investors that their investments will be reimbursed with the company staying true to its promise, returning close to $2 million to victims of the hack.

The latest report of the case being filed comes just 24 hours before the landmark judgment day by the Reserve Bank of India, where the body will review petitions regarding the cryptocurrency ban in the country. The RBI had issued a statement on 6th April that put a block on any financial organization from trading or associating itself with any cryptocurrency related activities in India.

Holders in the country feel that there might a positive revelation from the 11th September discussion with the RBI announcing that they had created their own working unit that would focus on digital assets like Bitcoin [BTC] and Ethereum [ETH]. Officials familiar with the workings of the Reserve Bank of India had said:

“As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot. A central bank has to be on top to create regulations. This new unit is on an experimental basis and will evolve as time passes.”

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