Launched Coinsecure Exchange Hack Refunds & Settlements Process

Coinsecure Commences The Process Of Claims, Refunds And Settlements

Indian investors can now have a sigh of relief following reports which indicated that Coinsecure has informed its users that it has begun the process of compensating them as a result of the loss which happened on April 9, 2018. This was an attack which saw investors losing their investments at that time.

Claim Process And Deadlines

The company is one of the few which has taken the responsibility of redeeming the forfeiture to its clients. Procedures indicated in emails sent to clients specify that those who lost cryptocurrencies in the attack will be required to sign agreements releasing the company of any impending liabilities. This is the condition set before receiving any payments.

The agreement has been uploaded on the company’s site, and clients are free to download it from there. Clients who were affected in the attack are required to sign and deliver the document at the company offices along with other particulars indicated in the agreement on or before June 30, 2018.

Some of the documents indicated include:

  • Form V (last signed income tax returns)
  • Copy of PAN Card of client
  • Copy of Adhar card on both sides
  • Cancelled check of recipient’s bank account

The company was keen not to reveal the details about the heist, alleging that it must have been an inside job by one of its officers who had private keys of the exchange’s wallet that had clients’ holdings.

Just a few days after the loss, the company offered a M10% bounty to any information regarding the theft. CoinSecure promised to return all the lost assets if it would be successful in recovering the appropriated coins. In case of failure to repossess the stolen coins, the company promised to refund 10% of the stolen Bitcoins.

Clauses Of The Agreement

According to ‘Settlement and Release Agreement’ Coinsecure would not be accountable for claims, damages, demands, actions, attorney’s fees, debts, cost of suits as well as charges of any kind or nature. Clients who sign the agreement will have to accept the company’s unconditional release and will not depend on any information from warranties or representatives.

The Company Will Not Accept Any Litigations

Additionally, customers are also required to desist from starting to file any litigations against Coinsecure. On matters compensation, the agreement states that the company will compensate clients with the entire balance held with the company on April 9th, 2018 in the local currency.

It should be noted that clients will receive back their investments. The payment is in essence a bold step by the company and will go a long way in keeping the faith of investors the cryptocurrency industry is worth investing in.

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