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Coinsecure, not so secure: Millions in cryptocurrency stolen, CSO blamed

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Coinsecure[1] has become the latest in a long line of cryptocurrency exchanges which has lost investor funds to attack -- but in this case, it appears to be an inside job.

The Indian cryptocurrency exchange has accused Dr. Amitabh Saxena, the firm's Chief Strategy Officer (CSO), of stealing 438 Bitcoins (BTC), worth roughly $3.3 million at the time of writing.

According to a complaint filed with local law enforcement in New Delhi by Coinsecure CEO Mohit Kalra and posted on the firm's website, Saxena allegedly was the only one -- aside from the CEO -- to hold the keys to the Coinsecure main wallet.

During the extraction of Bitcoin Gold (BTG) and private keys for customer trading, Saxena allegedly claimed that 438 Bitcoins were "lost" through the process.

Kalra is not convinced.

According to the police complaint, Saxena told the CEO on the 9th of April that the funds had been lost "due to some attack."

"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 complaint reads. "The incident [...] does not seem convincing to us."

Coinsecure has emphasized that "our system itself has never been compromised or hacked."

At the time of writing, Coinsecure's services are unavailable.

"We are working around the clock to restore services and to try to recover all of the lost funds, and we shall keep all our users posted on the outcome of the details to ensure utmost transparency," the company says. "We are hoping that as users of Coinsecure, you will stand by

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