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Cryptocurrency service providers undergo an attempt to hack rather regularly. Coinsecure, an important company in India, suffered 438 bitcoins stolen at the beginning of April. Five months after the incident, New Delhi police officers are finally ready to file a complaint. This development could finally put a strain on this ongoing investigation.
The Coinsecure Hack Investigation
Trade in cryptocurrency is an important target for criminals. A successful hack can bring from a few thousand to a few million dollars of cryptocurrency. In the case of Coinsecure, the company lost 438 BTC due to an incident that occurred in April 2018. Soon afterwards, an investigation was started, which however did not give immediate results. Finding the culprits has been a constant challenge ever since.
The New Delhi Police Cyber Cell is now ready to file the charges. One of the Coinsecure staff members is of great interest in this regard. The head of company security (CSO) was arrested on charges of being the first suspect connected to this theft. It is still believed that the Coinsecure hack is internal work.
Through a treaty of mutual legal assistance, a reply sheet was presented. Five cryptocurrency exchange companies are involved in collecting this information while Interpol tracked down some of the bitcoins stolen from these exchanges. Their evidence can further indict the Coinsecure chief of security. New Delhi police officers remain tight because of the trading platforms that actively participate in this ongoing case.
Potential impact on the future regulation of India
Coinsecure interrupts its activity from the April hack. The company has reimbursed users by paying the funds from their own pockets. Now it seems the case and its associated investigation could end.
This new development could affect the regulatory debacle in India regarding cryptocurrency. The Supreme Court will validate or reject the banking ban on RBI cryptocurrency. By putting aside the Coinsecure hack, a positive development lies at the horizon for the cryptocurrency industry. However, the government is still elaborating the guidelines, and their full intent is not clear.
While criminals have stolen a large amount of Bitcoin over the years through hacks or ransomware, they have been successfully captured more guilty. In most cases, this is accomplished by performing blockchain analyzes related to the Bitcoin transactions in question. It seems that this case is following a similar path, in part thanks to the collaborating trading platforms. Getting away with Bitcoin-related crimes is much more difficult these days and ages.
Have you been influenced by the Coinsecure hack? Let us know in the comments below .
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