Bitcoins worth Rs 19 crore have been stolen from the wallet of Coinsecure, which is a Delhi-based Bitcoin exchange. The company has filed an FIR with the cyber cell accusing Amitabh Saxena, CSO of Coinsecure, of taking out money from the firm’s wallet. The exchange has released an official notice on their website stating that their systems have neither hacked nor compromised but money has been siphoned out to an address outside their control.

In a letter put out on the website of coinsecure it has been stated, “Our system itself has never been compromised or hacked, and the current issue points towards losses caused during an exercise to extract BTG to distribute to our customers. Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys. “

The letter assures that its customers will not be affected because of the incident.  “Irrespective of funds being recovered, we re-assure all our customers that you will be indemnified from our personal funds. “

In the FIR filed by its CEO, Mohit Kalra, has said that “As the private keys are kept with Dr Amitabh Saxena, we feel that he is making a false story to divert our attention and might have a role to play in this entire incident.”

It has also been asked that Saxena’s passport should be seized as he may leave the country. “ Dr Amitabh Saxena also has an Indian passport and he might fly out of the country soon, therefore, his passport should be seized so he cannot fly out of the country.”

The news has come as another jolt for cryptocurrency investors, after RBI recently announced that banks are no more allowed to deal with cryptocurrency exchanges.  The news has impacted Bitcoin exchanges as many are are thinking to shift their base outside India .

It has always been advised that one should transfer Bitcoins to a private wallet, as exchanges can spend your Bitcoins with the private key they hold. By having your own Bitcoin wallet, you can have complete ownership on virtual currencies. Bitcoins wallets are digital wallets that come with a public and a private key.  Just like your Internet banking details, you need to keep the private key safe and secure with you to avoid any chances of hacking or theft.