Coinsecure to Refund Customers After The $3.5M Cryptocurrency Heist

The Indian exchange desk, Coinsecure, lost $3.5 million worth of cryptocurrency in a rip-off which took place in April this year. However, it is now ready to make amends to those affected. Over the past couple of weeks, the exchange has been delivering emails to deceived clients asserting that they are initiating the claim process.

Coinsecure Sent emails

Though some users are yet to receive the email, reports from most users indicate that the emails were not sent in bulk. Unlike previously announced in relation to the theft, the refund process has not been on its website; however, the authenticity of emails can be verified. Coinsecure has also unblocked its exchange panel, thus enabling its users to login to the trading platform.

Interestingly, the panel has not been accessible to users since the exchange got hacked, though it is now open to users, even those who are yet to receive the emails issuing the reimbursement instructions. According to previous reports, they had stated that they were unable to kick off the refund process as a result of a continuing investigation involving authorities.

Involvement of authorities

The involvement of authorities seems to be a matter of interest since the exchange has requested hard copies of ‘last filed income tax returns’ which should be accompanied with KYC documents. Apparently, Indian tax authorities usually raid cryptocurrency exchanges, looking for information about traders as well as investors, including bank accounts and transaction details.

Not long after the April 9 heist, Coinsecure categorically blamed the misfortune of the theft on their chief security officer. Apparently, even though the investigations are still underway, it is worth noting that no one has been convicted yet, without any lost funds being recovered so far. The investigations should be hastened to bring to book those who participated in the crime.

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