Indian cryptocurrency exchange Coinsecure has lost over $3.5 million and is blaming its head of security.

In a message posted to its website Thursday, the company said that its Chief Security Officer (CSO) Amitabh Saxena was extracting a cryptocurrency known as bitcoin gold in order to distribute it to customers. But Coinsecure claimed the funds were lost in the process.

Director Mohit Kalra has sent a letter to Indian authorities about the incident. In the document posted on the company’s website, Kalra said that 438.318 bitcoin has gone missing. This equates to just over $3.5 million at Friday’s bitcoin price.

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