CoinDCX Refutes WazirX Claims on User Funds

CoinDCX, an Indian cryptocurrency exchange , has refuted claims that it was involved in transferring user funds to certain entities in Lithuania. The clarification came after WazirX, the Indian exchange that was hacked last year by malicious actors, accused CoinDCX of being involved. CoinDCX Tags Allegation as ‘Misinformation’ As per Sumit Gupta, CoinDCX’s CEO and co-founder, his exchange has remained compliant with regulatory guidelines and has no entity in Lithuania. Gupta denied the allegations as misinformation and urged members of the public not to “fall for misinformation.” Notably, WazirX had, in an affidavit filed at the Singapore High Court, alleged that CoinDCX held user funds in an entity based in Lithuania. According to the affidavit, CoinDCX did not register the company with the India Financial Intelligence Unit (FIU) until February 2025. However, Gupta insists that CoinDCX does not have any entity in Lithuania until February. He maintained that any transactions done were with third-party entities to test the global expansion potential in the region. CoinDCX’s CEO emphasized that the exchange has always held users’ INR and crypto funds with Neblio Technologies. According to him, Neblio Technologies has consistently abided by Indian laws. He assured all CoinDCX customers of the safety of their assets. User Scrutiny Claims Mismatched Timelines The allegations have sparked debate in the crypto space about the transparency and compliance of CoinDCX with Indian regulatory guidelines. Aditya Singh , a user on X, claims that the clarification by Gupta contradicts an earlier statement he made in April of 2024. Singh has challenged Gupta to provide further clarification on the actual state of affairs. Worth mentioning is that in January 2025, WazirX, to recover part of the $235 million cyberattack, approached the Singapore High Court. The court has approved WazirX’s restructuring plan , which aims to prioritize creditor recovery while avoiding liquidation. India’s Increasing Web3 Growth As the broader crypto community awaits clarity on these allegations, India has emerged as a global hub for Web3 . A report released in December 2024 showed that India hosts over 1,000 Web3 startups in different sectors such as finance, infrastructure, and entertainment. The report states that the country accounts for approximately 12% of the global crypto developers. The post CoinDCX Refutes WazirX Claims on User Funds appeared first on TheCoinrise.com .

Source: The Coin Rise