India’s Coinsecure has told authorities it has lost $3.5m worth of its customers’ bitcoin, the latest example of the risks to investors in the sector.
The Delhi-based group issued a letter to clients this week saying it “regretted to inform” them their funds “seem to have been siphoned” to a wallet outside of its control.
Coinsecure said its systems had not been compromised. Instead, a company employee has claimed to have lost the 438.318 bitcoin while extracting them to distribute to customers.
Parent company Secure Bitcoin Traders wrote in a letter to authorities that it believes the employee is “making a false story to divert our attention and he might have a role to play in this entire incident”.
The group asked for his passport to be seized so “he can not fly out of the country”.
Coinsecure promised that it was “working round the clock to restore [trading] services and to try and recover all of the lost funds”. It vowed that “irrespective of funds being recovered, we re-assure all our customers that you will be indemnified from our personal funds”.
The incident highlights the dark underbelly of the industry that has drawn interest both from hobbyists and large financial companies.
Coincheck, a big Japanese exchange, suffered a $500m heist earlier this year. Authorities in the US have also filed charges against people who have launched initial coin offerings that officials have claimed were fraudulent.
Despite the woes at Coincheck, the bitcoin market has been in rally mode over the past two days. The price climbed to $8,068.91 on Friday, the highest level since March 26.
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