back to article Tried checking under the sofa? Indian BTC exchange Coinsecure finds itself $3.5m lighter

Indian Bitcoin exchange Coinsecure has mislaid 438.318 BTC belonging to its customers. In a statement by parent firm Secure Bitcoin Traders Pvt, posted late on Thursday, the biz said its chief security officer had extracted a bunch of Bitcoin to distribute to punters – and discovered the funds were "lost in the process." The …

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Who's been using one of those funny CPUs?

> The statement, which appeared on 12 April, appears to confirm that the firm already knew that the Bitcoin, worth £2,477,167,809.57 at the time of publication, had departed its servers on 9 April.

So when did 1 BTC become worth over five and a half a mil? (£££s)

Even if the currency was Rupees rather than UKP it still doesn't compute. Has someone got their millions and billions all mixed up?

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WTF?

Re: Who's been using one of those funny CPUs?

Agreed. As of right now, 1 Bitcoin is worth US$8090.00 at Coinbase.

So 438 Bitcoin is worth

438 x US$8090.00 = US$3,551,510.00

That's $3.5 meeeellion not $3.5 beeeellion.

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Anonymous Coward

Re: Who's been using one of those funny CPUs?

The letter says "INR 19 Crores", i.e. 190 million rupees, which is about $2.9m dollars; with BTC at about $7700 yesterday that would be about 378 BTC. So I think it is indeed 438 BTC + change, i.e. they're not using the dot as a thousands separator, as happens in some countries.

While the pound has seen significant deflation, I don't think it's yet quite at the level implied by El Reg.

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(Written by Reg staff) Silver badge

Re: Who's been using one of those funny CPUs?

Yup – we cocked up in the rush to the pub on a Friday. Funny story: if you plug "438.318 BTC in USD" into Google, it treats that as 438,318 BTC, hence the massive number in the story.

It was caught and fixed up as soon as it was spotted. If you see anything wrong, please let us know by email straight away so it can be address: drop a note to corrections@theregister.com. Ta.

C.

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Pint

Re: Who's been using one of those funny CPUs?

@diodesign

Yes, I see something very wrong, but I'm not going to send an email because, instead, public chastisement is called for. By your own admission you're in the pub, yet you're still responding to commentards. It is an insult to good beer to neglect it while you fiddle with your phone/laptop. If my wife were there she'd smack your hands and confiscate your phone. Now get on with that pint.

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Re: Who's been using one of those funny CPUs?

I see the parent company is still called Secure Trading...can you ask them to confirm when the change of name to INSecure Trading will be complete...to reflect the true nature of the company?

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Anonymous Coward

Re: Who's been using one of those funny CPUs?

Wow that people would deposit bitcoin in a company located in a third world country where corruption is endemic.

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Anonymous Coward

Distributed?

Thought one of the touted advantages of bitcoin was some distributed malarky??

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Anonymous Coward

Re: Distributed?

Thought one of the touted advantages of bitcoin was some distributed malarky??

Yes: you have a wide choice of exchanges to get your Bitcoin stolen from.

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Anonymous Coward

Its in the name, but I think they put a c instead of an s. SoInsecure.

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Oh, bravo, sir/madam. That made me chuckle.

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Big Brother

Down the back of the sofa

Well, maybe that Italian/LG IoT sofa could report those BTC having fallen down the back of it, while at the same time leaking them to Dabbsy's bog. I'm not sure if either of these two possibilities is a positive one.

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Anonymous Coward

Do the needful

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