438 Bitcoins Worth Nearly $3.5 Million Stolen From Exchange In India, CSO Accused (indiatimes.com)

William Robinson shares a report from The Economic Times: Nearly 438 bitcoins, worth nearly $3.5 million, were stolen from a top exchange firm in India in what is being billed as the biggest cryptocurrency theft in the country so far. The exchange, which has over two hundred thousand users across the country, found that all the bitcoins that were stored offline had vanished. It was later found that the private keys -- the password that is kept by the company and is stored offline -- were leaked online, leading to the hack. The company tried to trace the hackers, but found that all the data logs of the affected wallets had been erased, leaving no trails about where the bitcoins were transferred. Coinsecure, a Delhi-based cryptocurrency exchange, is accusing its CSO, Amitabh Saxena, of siphoning off the money from the firm's wallet. The exchange is urging the government to seize Saxena's passport, fearing that he may leave the country.

Comments

Erased?

[SCVonSteroids]

Isn't this why so many people trust Bitcoin "security" to begin with? So you can trace any and all transactions back to the inception of the bitcoins used themselves?
Seems rather pointless if you can just delete any records. Sounds more like a scam every time I read something new about them.

Re:Erased?

[Anonymous Coward]

It was my understanding that they launder it through many dozens of other altcoins and wallets to the point where you can't trace it nearly as easily. Isn't there some altcoins that are not as traceable and are more anonymous than Bitcoin?