The bitcoins that have been compromised are 438.31859715 in number. Coinsecure that reportedly lost nearly $3 million worth bitcoins (around R 20 crore in Indian currency) announced a bounty of 10% for any help towards the recovery of the stolen bitcoins.

“We are happy to issue a bounty of 10% to the community for help rendered for recovery of BTC,” reads the company statement. As the total value of stolen bitcoins is nearly R 20 crore, its 10% would amount to R 2 crore.

Coinsecure, on Friday, said that around 438 bitcoins, which were stored in a password-protected virtual wallet were siphoned off to an unknown destination on the internet after the details were leaked online. Though coinsecure admits that it is working with investigation authorities and others, but it said that any help in this matter will be highly appreciated.

Coinsecure has over 200,000 users trading on its platform daily. “We regret to inform you that our bitcoin funds have been exposed and seem to have been siphoned out to an address that is outside our control,” the company said in a statement posted on its website.

Legal experts said there was a need to regulate the virtual currency market, instead of imposing restrictions on its trade. “It is for reasons like these that there is a need to regulate crypto-exchanges,” said Anirudh Rastogi, founder and managing partner at TRA Law, a firm that specialises in emerging-technology businesses. Read more from…

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