One of the most known Indian cryptocurrency exchanges, Coinsecure, has been hacked. Apparently, $3.5 million dollars were stolen from the company’s bitcoin wallet. According to some reports, the exchange suspects an inside job.

Indian Exchange Coinsecure Hacked

Another crypto exchange has been hacked, and this time in India. In a complaint sent to the Cyber Cell of the Delhi Police the company thinks that its CSO, Amitabh Saxena is involved in the theft.

The written complaint reads as follows:

“The user funds are securely kept in our bitcoin wallet, whose private keys are kept with Dr. Amitabh Saxena CSO and Mr. Mohit Kalra, CEO at Coinsecure.in. On 9th April 2018, we were informed by our CSO, Dr. Amitabh Saxena, that 438.318 bitcoins were stolen from the company’s bitcoin wallet due to some attack. As private keys are kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in this entire incident.”

The company informed its users that some of the funds have been stolen and that they are working with the local authorities to solve this case. This hack is one of the biggest that have ever happened in the Asian country.

The Reserve Bank of India has issued strong regulations to crypto exchanges and the use and development of virtual currencies. Some exchanges such as BTCXIndia and ETHEXIndia, were obligated to halt trading operations due to increased governmental pressure.

“As we heard in the budget speech, the Indian government is discouraging crypto currency trading,” reads the information released by these two crypto exchanges. “This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer.”

Coinsecure hack will have an effect on the local authorities who may seek to impose stricter regulations in the short term.

Cryptocurrency Exchanges Hacked

This is not the first time that a cryptocurrency exchange is hacked. In the past, we have covered at Coinstaker similar cases. In Italy, the crypto exchange BitGrail, that was trading Nano (former RaiBlocks) (XRB), has been hacked on February. According to the company, 17 million Nano were stolen. The equivalent amount in dollars was $195 million dollars.

Another important exchange hacked was the Japanese company Coincheck. This time, $500 million dollars were stolen after the company announced that they lost 523 million NEM coins.

In both cases, local authorities decided to increase regulations in the crypto market. Coinsecure’s hack could be the beginning of stronger regulations in the market.

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Image Courtesy of The Merkle and Reuters