Tuesday, April 17, 2018 3:22 AM UTC

Indian bitcoin exchange Coinsecure has announced its plans to repay the users who lost their funds in the recent theft on its platform.

Last week, Coinsecure announced that 438.318 bitcoins (approximately $3.3 million) were stolen from its bitcoin wallet. The company has implicated its CSO Dr. Amitabh Saxena in its complaint with the police authorities.

In an update dated April 14, the company has detailed how it plans to refund customers:

“Through the course of the investigation, should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure.

However, if recovery of siphoned BTC is not possible, then we 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.”

In a separate update, Coinsecure announced a bounty of 10 percent to the community for the recovery of the lost funds. Regarding the resumption of its operations, it said:

“Details on procedures to be followed will be issued sometime next week, as we are planning on how we can go back online and help with withdrawals of INR and BTC balances, and are waiting for the go – ahead from the authorities.”


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