Cryptocurrency investors in India were in for a rude shock on 10 April, with those who had their Bitcoins stored in wallets with Coinsecure waking up to find their pockets picked.
According to an FIR filed by Coinsecure with the Cyber Cell in Delhi, 438.318 Bitcoins, worth Rs 19 crore were reportedly stolen.
If one had to invest in cryptocurrencies, one needed to create a cryptocurrency wallet.
This was the service that Coinsecure provided. Each cryptocurrency wallet has two sets of keys (a long string of code), that one is provided when you sign up. One is a public key, and the other is a private key.If one had to transact with cryptocurrencies, one would need to share your public key, which is also your wallet address, with the seller/buyer on a cryptocurrency exchange or in a peer-to-peer manner.
One should never ever share your private key (which is akin to sharing your PIN number) as this gives anyone full control of your wallet.
Cryptocurrency has been a grey area in India for a while. Officially, the Reserve Bank of India has stopped Indian banks in dealing with virtual currencies. At the same time, it also plans to introduce its own cryptocurrency (which it hopes to regulate).