CoinDCX Pledges $11M for Anti-Fraud Drive After Impersonation Case
CoinDCX will invest $11 million in a new cyber safety network following a case involving impersonation and fraud against its founders.Summary
CoinDCX has announced a 100 crore Indian rupees (approximately $11 million) initiative, the Digital Suraksha Network, to combat brand impersonation and cyber fraud. This comes after a court found “no prima facie” case against its founders, Sumit Gupta and Neeraj Khandelwal, who were briefly detained in connection with a fake “CoinDCX Pro” website that defrauded an investor of around $75,000. The exchange maintains the fraud was perpetrated by third parties using a spoofed site. CoinDCX has identified over 1,200 websites impersonating its brand, highlighting a widespread issue for Indian crypto platforms. The Digital Suraksha Network will include a 24/7 WhatsApp helpline, a fraud intelligence API, training for cybercrime cells, and a public awareness campaign. While the rollout timeline and budget allocation remain unspecified, the initiative aims to address cyber safety across the digital finance sector, not just within the crypto space.
(Source：Cointelegraph)