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Coinsecure to Compensate Traders Affected By Bitcoin Hack

Coinsecure, the cryptocurrency trading platform based out of Delhi has announced it will compensate its Coinsecure users affected by the recent Bitcoin hack of 438 BTC from their exchange. The company has decided to compensate its users with Indian Rupees. But here is the catch. The company will only compensate its users as long as they agree to sign an agreement releasing Coinsecure from any liability in the future.

On the 9th of April,Coinsecure in the Bitcoin Hack lost almost $3million USD worth of Bitcoins which affected almost 11,000 of their customers. The funds, it was reported, was stolen from an offline wallet. The culprit as was revealed by the company was their chief scientist Dr. Amitabh Saxena who stole the Bitcoins while has was processing an extraction. On April 14, after an investigation, the company offered a repayment plan and also a $300,000 USD (20 million rupees) bounty for whosoever helped to recover the stolen Bitcoins.

As per the process revealed by Coinsecure, users who have been affected by the Bitcoin Hack have to file a claim with the trading platform providing them with a valid identification and documents. Affected customers have to personally deliver the documents by the 30th of June. They also have to provide a valid signature that will dissolve any kind of exchange of any liability in the future, Bitcoin News reported.

Coinsecure also announced that it will not entertain any further claims after the 30th June deadline and will not be liable towards any of its users trying to submit their claims after the said date passes. The users need to go to the claims page of the company website and will find the complete list of requirements for the compensation. The five-day window, for many seems too fast to handle the claims of almost 11,000 users affected by the Bitcoin hack.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Meghna is an experienced writer for e-commerce and fintech. Her latest interest lies in the cryptocurrency sector.

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