Coinsecure explains why it can’t pay its customers back yet

An ongoing investigation is holding up the refunding of some $3m worth of Bitcoin…

It may not be the highest profile theft of cryptocurrency this year, but still, last month the Coinsecure exchange lost 438,318 Bitcoins – worth at the time around $3m – in a theft that was blamed on one of its employees seemingly going rogue. The exchange quickly offered “a bounty of 10% to the community for help rendered for recovery of BTC”.

It’s been posting regular updates on the incident, and its investigation into it. It also quickly pledged to ensure that its customers would get any compromised funds returned.

However, as it also cautioned, that process is taking some time. The latest update, posted over the weekend, explained that whilst “we were hoping to start the disbursement of funds by the end of last week, there has been a delay on that front”.

The delay is being caused as a consequence of the investigation into the theft. Whilst that process is ongoing, Coinsecure explained, “we don’t have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive”.

It also added that “there will be new contracts rolled out to all our users who held a balance on Coinsecure (INR and Bitcoin)”.

The full series of updates can be found here. We’ll keep you posted on further developments…