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ARTICLE  

Indian cryptocurrency exchange lost over $3.5 million and blames head of security

Coinsecure had over $3.5 million stolen and thinks its Chief Security Office Amitabh Saxena may have been responsible for the loss. Coinsecure has blamed Saxena for stealing the bitcoin.

CNBC News writes:

In a message posted to its website Thursday, the company said that its Chief Security Officer (CSO) Amitabh Saxena was extracting a cryptocurrency known as bitcoin gold in order to distribute it to customers. But Coinsecure claimed the funds were lost in the process.

Director Mohit Kalra has sent a letter to Indian authorities about the incident. In the document posted on the company's website, Kalra said that 438.318 bitcoin have gone missing. This equates to just over $3.5 million at Friday's bitcoin price.

"As the private keys are 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," the letter written by Kalra said [...]

CNBC has emailed the Cyber Crime Cell department of the Delhi police department, where the letter was allegedly sent to, in order to confirm if it is real. There has been no response as of yet [...]

Delhi's police department warns against people getting involved in cryptocurrencies because of the "absence of legal framework," according to its website.

"These currencies are normally used by criminals operating on the dark web or the hidden web. Legal, bonafide businesses do not normally use bitcoins. Therefore any request for business transaction in bitcoins should raise suspicious and should be avoided," the police department said [...]



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