It was just a few weeks back that Indian cryptocurrency exchange Coinsecure had lost 438 bitcoins. This was the biggest hack related to cryptocurrencies in the country, and approximately 2 lakh people were affected by this hack.
Now it has come to light that Coinsecure is delaying the compensation process for customers impacted by the theft of the bitcoins. The cryptocurrency exchange that is based in Delhi has announced on its website stating its reason why it could not reimburse the people who had lost their digital assets.
The exchange said,
‘While our last mailer [on April 21] did state that we were hoping to start the disbursement of funds by the end of last week, there has been a delay on that front.’
It also added,
“When investigations are underway, we don’t have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process.”
The hack is still being investigated into, and it is believed that this job was the work of an insider. Coinsecure has previously said that it will give back the stolen bitcoins back to the customers’ account balances if the bitcoins are recovered.
However, it has also been specified that if the exchange is not able to recover the stolen virtual currency, they will refund 10% of the stolen balances in cryptocurrencies while the rest of the 90% will be returned in Indian rupees. At current prices, Coinsecure users will be losing 35% in bitcoin value gains if they are reimbursed in fiat currency.