Rs 20 Cr Lost In India’s Biggest Bitcoins Heist; These Are World’s 5 Biggest Crypto Thefts!

This has been hailed as India’s largest bitcoin and cryptocurrency robbery ever.

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$3 Million Looted in India's Biggest Bitcoins Heist

India’s nascent crypto trading industry has received another jolt – Rs 20 crore worth of bitcoins have been stolen from an Indian cryptocurrency exchange.

This has been hailed as India’s largest bitcoin and cryptocurrency robbery ever.

We will soon share world’s 5 largest crypto heists, as well. If we compare this recent theft of bitcoins from Indian crypto exchange, then the amount is very less.

But the impact can be greater, as calls of regulation have again erupted.

How will Govt. respond now?

$3 Million Looted in India’s Biggest Bitcoins Heist!

Coinsecure, an Indian cryptocurrency exchange has reported that hackers have robbed $3 million worth of bitcoins from their servers.

Coinsecure has 2,00,000 traders registered in their exchange, who traded daily. In this heist, described as India’s largest till date, 438 bitcoins were stolen.

The company said in a statement,

“We regret to inform you that our bitcoin funds have been exposed and seem to have been syphoned out to an address that is outside our control,”

At the time of this robbery, bitcoins in India were being traded for Rs 4,80,000, or about $7,359; which is a lot less than global bitcoins rates of $7,771.

Legal observers have stated that this robbery once again proves that crypto exchanges need to be regulated by the Govt., in order to safeguard investor’s money.

It is not clear as of now, whether bitcoins being traded by Indian investors would be returned or not by Coinsecure.

More details are awaited.

World’s Top 5 Crypto Heists!

  1. At #1 position is the robbery of 58 billion yen ($660 million) worth of NEM, a cryptocurrency is world’s 8th most expensive. This heist happened at Coincheck, Japan’s one of the largest crypto exchanges. As a direct result of this heist, Japanese Govt. shut down two crypto exchanges: FSHO (Yokohama City) and Bit Station (Nagoya Prefecture). Coincheck has assured that the investor’s money would be returned. Monex Group has now acquired Coincheck, and they plan to relaunch the exchange very soon.
  2. Mt. Gox, at one time described as world’s largest crypto exchange, reported a theft of $460 million worth of cryptocurrencies in 2014. Such was the impact, that they had to file for bankruptcy.
  3. Due to a bug in Parity Wallet, around $150 million worth of Etherium, world’s 2nd most valuable cryptocurrency was locked away, or in other words, stolen. As per Parity Wallet’s blog, this was an accidental case, but none the less, the missing digital coins are still missing.
  4. Last year, Cryptocurrency mining marketplace NiceHash reported that $78 million worth of bitcoins were stolen from their exchange. Hackers allegedly compromised an employee’s computer and syphoned off the bitcoins.
  5. In 2016, $72 million worth of bitcoins were stolen from Bitfinex exchange in Hong Kong, which is ranked as #5 biggest heist of cryptocurrencies in the world. 119,756 bitcoins were stolen in this heist.

We will keep you updated, as we receive more information on the security aspects of bitcoins and cryptocurrencies.

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