This past week, Coinsecure lost a little more than $3 million worth of BTC from its bitcoin wallet. Reports indicate that Coinsecure’s CEO is asking the New Delhi police to seize the passport of the exchange’s chief security officer, who is suspected of masterminding the theft. If unable to recover the cryptocurrency, Coinsecure plans to compensate customers with existing reserves using the price of bitcoin on April 9, 2018.
Cryptocurrency trading is not as popular in India as it is in much of the rest of the world, but New Delhi is suddenly the setting for one of the most extraordinary bitcoin investigations yet. In the past week, cryptocurrency exchange Coinsecure[1] was victimized to the tune of 438.32 BTC. At current prices, that equates to just over $3.5 million.
In a nutshell, the exchange's CEO, Mohit Kalra, has accused his chief security officer, Amitabh Saxena, of stealing customer funds. For anybody interested in tracking the action on the bitcoin blockchain, the primary wallet address associated with the (possibly) misappropriated coins is 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA[2].
In the event that Coinsecure cannot reclaim the missing bitcoin, the exchange plans to provide payouts to users in a mix of bitcoin and Indian rupees, using the prices quoted on Monday, April 9, 2018. The payout would be 10 percent in bitcoin and 90 percent in rupees, which means that (at current prices) customers would eat an approximately 12 percent loss on their holdings. The exchange has yet to provide the exact "lock in rate" that it will use for reimbursement.
The Math
According to CoinMarketCap, the global bitcoin price on April 9 fluctuated between $6,661.99 and $7,178.11. If we take a simple average of the day's high and low (not
