Coinsecure announced delay on compensation to customers affected by the recent Bitcoin theft. The theft lead to the loss of 438 Bitcoins (BTC) totaling nearly $3 million.
The Indian crypto exchange’s statement, posted on their website, noted its goal was to reimburse users before May 1st. However, the new notice reveals Coinsecure has decided to push back the refund date.
Coinsecure revealed that the heist investigations have commenced. They also share that the compensation process will begin when authorities give them the green light. The company stated it would notify its users about the reimbursement dates when it receives notification.
So far, there has been speculation the Bitcoin theft was an inside job. To date, there has been no confirmation on whether those rumors are true. Coinsecure is being required to reimburse 10% of the stolen amount to affected users in the form of Bitcoin. This will only happen if it does not manage to recover to stolen Bitcoins. The remaining 90% will be a refund to the accounts in Indian rupees. However, users will receive a full refund if the stolen Bitcoins find their way home. Currently, there is no progress report on the matter and no telling whether recovery is an option.
Bitcoin holders using Coinsecure will lose roughly 35% of the gains they had made, especially if they are refunded rupees. This might be discouraging to traders using the exchange as the market has shown signs of recovery. On the bright side, they should enjoy reimbursement against a full loss.
Coinsecure also revealed its legal team is creating new contracts for all the clients who have a holding on the platform. The cryptocurrency exchange halted its operations since the Bitcoin heist took place in mid-April. It’s currently unclear when the exchange plans to restore its operations. That will potentially happen after the investigations are over to avoid putting investors at additional risk.