In response to the massive $230 million hack of WazirX earlier this year, CoinDCX has introduced a groundbreaking decentralized custody solution[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1")! This innovative feature allows users to maintain full control over their digital assets by assigning them a blockchain wallet outside the exchange's infrastructure[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
### Key Features:
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- Regulatory Compliance: Fully aligned with Indian regulations, this feature allows users to explore DeFi safely while adhering to local laws[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
- User Control: Users can transfer their assets back to the exchange at any time, providing flexibility and control over their holdings[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.coinspeaker.com/coindcx-implements-decentralized-custody-solution/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").
This move by CoinDCX is a significant step towards improving security and transparency in the crypto world. 🌐💡
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Cryptocurrency Exchange CoinDCX Under Investigation for Irregularities
India’s well-known cryptocurrency exchange platform, CoinDCX, is currently under investigation by Delhi Police regarding allegations of bank fraud associated with its mobile application. Recent reports indicate that complainants have raised concerns about irregularities on the platform, stating that they were pressured into making extra payments during cryptocurrency withdrawals.
In response to the ongoing situation, senior officers have given the green light to start legal proceedings against CoinDCX under applicable fraud-related sections. The police are actively investigating the case to confirm the authenticity of the complaints and establish whether any fraudulent activities have occurred on the exchange.

As Delhi Police are investigating the Indian well-known cryptocurrency exchange, CoinDCX for alleged bank fraud. Recently Delhi also dominated crypto as India’s cryptocurrency hub. This shows how Delhi plays an important role in the cryptocurrency world and may Delhi would become the crypto capital.
CEO Sumit Gupta Addresses the Situation
During the ongoing investigation, Sumit Gupta, CEO of CoinDCX, addressed the situation on Twitter. In his tweet, Gupta stated that they became aware of user reports alleging fraud through media outlets recently. He clarified that there have been no such incidents on the CoinDCX app or website and informed that they have reported these threats to CERT. Gupta also emphasized the abundance of fake websites and URLs trying to mimic exchanges, cautioning users to stay alert against such scams.
Furthermore, Sumit Gupta, the CEO of CoinDCX, wants to reassure users that the security and integrity of the platform are top priorities. He emphasizes the company’s commitment to providing a safe and transparent trading environment. Gupta advises users to be cautious, avoid suspicious URLs, and rely on official communication channels for updates. CoinDCX is actively addressing concerns, cooperating with regulatory authorities, and working to maintain the trust of its user base. The crypto community is eagerly awaiting updates on the investigation and any additional security measures implemented by CoinDCX.
Preventing Fraud on Websites- A User’s Guide
As fake fraud attempts become more common, both websites and users must stay alert and informed. Here are some simple steps to avoid falling for such scams–
Avoid Clicking on Fake URLs
With the current trend of fraudulent activities through fake URLs, users should refrain from clicking on any URLs received via unsolicited messages. Reputable exchanges, such as CoinDCX, do not send such URLs to their users.
Verify Information
Verify the authenticity of information received through various sources. Scammers often use fake websites, emails, or messages to trick individuals into sharing personal and financial information. Double-checking details can help confirm the validity of the information.
Use Secure Communication Channels
Make sure to only communicate with websites and exchanges through secure and official channels. Be careful with unofficial sources asking for personal and financial information, as these might be phishing or fraudulent attempts.
Enable Two-Factor Authentication (2FA)
Enhance the security of your accounts by turning on two-factor authentication (2FA) wherever you can. This extra layer of security makes it tougher for unauthorized people to get into your accounts on websites.
Do Not Share OTPs
When you make digital payments or transactions, you might get a One-Time Password (OTP) on your phone. It’s really important not to share OTPs with anyone because scammers often use calls or messages to trick people into giving them away. Be careful and never share OTPs, even by mistake.
In conclusion, the investigation into CoinDCX highlights the growing need for vigilance in the cryptocurrency space. Users and exchanges must remain alert to potential fraud attempts and take necessary precautions to protect themselves. As the investigation unfolds, it will shed light on the veracity of the allegations against CoinDCX and contribute to ongoing efforts to maintain the integrity and security of the cryptocurrency ecosystem in India.
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