Statement from CoinSwitch — March 19th, 2020

On Friday, March 13th 2020, it was discovered that CoinSwitch had been the victim of a theft from the company’s BTC reserves, cold stored on hardware wallets. We immediately reported the issue to the relevant authorities and CoinSwitch assisted the Cyber Crime Police Station, CID, Bangalore, in their efforts to retrieve the stolen funds. The source of the theft was quickly identified, and the stolen BTC reserves have already been recovered.

The CoinSwitch community and our users will not be impacted by these events. CoinSwitch is a non-custodial exchange and does not hold any user funds, therefore no users’ funds could ever be affected or stolen. Additionally, no company operations or operating funds have been impacted. This was not a security breach, but rather the result of criminal action against CoinSwitch, which temporarily impacted company reserves only. We would like to commend the work of the authorities in this case for their fast and efficient retrieval of the stolen funds.

Thank you.