Indian Exchange Coinsecure Claims Insider Job in $3 Million Bitcoin Theft

f00l went on a bit of a rant said
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From CNN, Reuters, and others

Indian bitcoin exchange Coinsecure has disclosed a theft of 438 bitcoins, valued at over $3 million at press time, from its wallet in what is the country’s biggest cryptocurrency theft to date.

Delhi-based cryptocurrency exchange Coinsecure has accused its own CSO of stealing the coins from the company’s wallet in an FIR (First Information Report) filed with the police on Thursday. In an announcement on its homepage, the exchange said some of its bitcoin funds had “been exposed” and “seem to have been siphoned out to an address” that is beyond its own control.

Coinsecure insists its own systems haven’t been compromised nor hacked. Instead, the exchange points to the unconvincing claim of its CSO, Amitabh Saxena, who contends the theft occurred during a separate “exercise to extract BTG (Bitcoin Gold)” to distribute among its customers.

Coinsecure wrote:

Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys.
According to the police complaint (pinned below), Coinsecure CEO Mohit Kalra, who holds the private keys for the company’s wallets along with the CSO wrote: “On 9th April 2018, we were informed by our CSO, DR. Amitabh Saxena, that 438.318 bitcoins (worth INR 19 Crores – Approx.) were stolen from our company’s bitcoin wallet due to some attack.”

Notably, he added in the complaint:

As the 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 incident reported by Dr. Amitabh Saxena does not seem convincing to us.

MIRANDA

O, wonder!
How many goodly creatures are there here!
How beauteous mankind is!
O brave new world,
That has such people in’t!

PROSPERO

Tis new to thee.