$3 Million Worth of Bitcoin Reportedly Stolen in India
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$3 Million Worth of Bitcoin Reportedly Stolen in India

A cryptocurrency exchange in India named Coinsecure has revealed that approximately $3 million worth bitcoins were stolen from the wallet of the company. It is indicated that around 438 bitcoins were stolen.

Sources have indicated that this theft is by far the largest in the country, considering the fact that the country is just an emerging one when it comes to the cryptocurrency market. There is an expectation of dampened spirits when it comes to trading activity around cryptocurrency.

The exchange currently houses around 200,000 users who are trading on a daily basis.

The bitcoins that were stolen were stored in a password-protected digital wallet and had been transferred to an unknown destination. However, the company has assured its customers that it will compensate those who have been affected by the theft.

Sources have indicated that India’s cryptocurrency market is a center for high-return and high-risk Ponzi schemes. The RBI has already restricted banks from participating in digital currency trading. This has caused a tremendous jolt to the cryptocurrency industry. Furthermore, RBI has also instructed banks to not keep any ties and disconnect themselves with these exchanges over the next 3 months.

Speaking on this development, Anirudh Rastogi, founder and managing partner at TRA Law has stated, “It is for reasons like these that there is a need to regulate crypto-exchanges.” He further added, “Pushing the exchange business out from the formal economy to the informal cash economy to operate under the radar will worsen the problem, not solve it.”

By end of last week, the bitcoin rate was around $7359 –lower than market price.

Anirudh Menon
Anirudh Menon
I have adorned multiple hats during my professional journey. My experience of 14 years comes in areas like Sales, Customer Service and Marketing. My journey as a professional writer started 5 years back, when I started writing for an in-house magazine for my employer. Having successfully delivered many in-house projects, it encouraged me to take my skill to the world. As on day, I have written articles, blogs website content for various industries like Information Technology, Start-up, Retail and Government. The subjects that I have covered range from Digital Marketing, SAP Cloud Platform, Cloud Computing, Content Marketing , Politics. Enhancement is a process and I constantly thrive to add more subjects in my portfolio. Over and above content writing, I also train language and communication to students who want to brush up their speaking skills. I am a part time trainer for IELTS coaching and also work as a budding voice over artist.

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