Bitcoins in India were trading at Rs 4,80,000, or about $7,359 on Friday, according to cryptocurrency exchange Coinome, well below its worldwide market price of about $7,771. Saxena, on the other hand, claims that funds were lost in the process during the extraction of the private keys. The complaint says that Kalra doesn't believe Saxena's explanation of the incident, and also urges authorities to seize Saxena's passport to keep him from fleeing the country.More news: What's next for Sea of Thieves
According to a complaint filed by CEO Mohit Kalra to the Delhi Cybercrime Police on April 10, Saxena was the one charged with keeping the private keys to the wallet, and that "he might have a role to play in this entire incident". In its statement and the FIR, the company has stated that the explanation of the event by its CSO Dr. Amitabh Saxena was unsatisfactory and he should not be allowed to fly overseas until the matter gets resolved. Coinsecure have filed an FIR (First Information Report) with the Cyber Cell of Delhi and investigation has already begun on the case. It later found that users' private keys, which are the passwords it stored offline, were leaked online and led to the hack. He said, "Private keys should have never been exported online". The company's efforts to trace the hackers was unsuccessful, since all the data logs of the affected wallets had been erased. "It looks like a crime committed intentionally", he added. Instead, the exchange points to the unconvincing claim of its CSO, Amitabh Saxena, who contends the theft occurred during a separate "exercise to extract BTG (Bitcoin Gold)" to distribute among its customers.
Police said that the company's servers have been seized to ascertain the extent of the system breach. Pantera Capital Management, one of the biggest cryptocurrency hedge funds, says $6,500 was the low of this bear market and Bitcoin will stay above that price for the majority of the next year, likely surpassing the previous record of nearly $20,000.More news: A new BioShock game is apparently in development
"We are running a Bitcoin Exchange platform where the users can buy and sell bitcoins using Indian currency".
The news has come as a jolt for cryptocurrency investors, after RBI recently announced that banks are no more allowed to deal with crypto currency exchanges.More news: Mason Ramsey: Coachella Gets to Hear Yodeling Walmart Kid
Coinsecure in its official statement has stated, "Irrespective of funds being recovered, we re-assure all our customers that you will be indemnified from our personal funds".