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Coin insecure: $3.5M lost on Coinsecure due to insiders

16 April 2018 00:00, UTC   |   179
Coin insecure: $3.5M lost on Coinsecure due to insiders

The cryptocurrency exchange in India has lost a multimillion sum because of insider trading, as reported by several outlets. High-ranking employees responsible for cybersecurity are suspected of involvement in the crime. This has been stated by the leader of this financial organization.

The range of people who might have been behind the transfer of the lost sum (738 BTC) is narrow due to the need for special private keys to main depository in order to commit this. Even Chief Security Officer Amitabh Saxena might have played a role in this, the exchange director implies.

Regardless of the actual participation of Amitabh Saxena in the crime, the security incident will give another reason for the local authorities to call for more restrictions in the sphere. The exchange should review its security policy, as there are not much similar cases when a cryptocurrency exchange high-ranking manager is involved in a crime resulting in the exchange losses and the discontent of the leaders. Usually, when the crimes are committed by the management of exchanges at all, they benefit the organization and coordinated with the directorate, as evidenced by the story of BTC-e which has been involved in criminal deals and money laundering.

Image courtesy of Lightboxx / Shutterstock

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