Sunday, April 15, 2018

Indian Bitcoin exchange hit fraud

Coinsecure, an Indian trading post of cryptocurrency, said that it got stolen Bitcoins equivalent to millions of dollars.

Reuters: India's Coinsecure exchange says $3 million worth of bitcoins stolen

According to Coinsecure, a total of 438 Bitcoins was sent from secured wallets to an unknown address. Coinsecure declared that coins of customers keeping in the trading post would not be damaged because it would compensate the stolen Bitcoins with its own fund.

Coinsecure mentioned the necessity of health regulation by the authority so that functional trading would be guaranteed. But, Indian banks keep negative attitude to cryptocurrency exchanges.

As I wrote before, Coincheck, a famous Japanese cryptocurrency exchange, was struck by massive fraud. The value of stolen coins is estimated as hundred times of the Indian case.  Although Coincheck compensated the damaged assets, it was bought by Monex, a leading stock company.

Similar incidents will occur shortly, I am afraid. The more popular cryptocurrency becomes, the more crime case happens. It suggests the potential value of blockchain and cryptocurrency scheme, ironically.

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