CoinDCX To Take Over The WazirX To Support Users

CoinDCX, having closely followed all developments surrounding the WazirX-related hack, has announced support for the exchange in all possible ways.

CoinDCX is one of India’s largest cryptocurrency exchanges. Its co-founders, Sumit Gupta and Neeraj Khandelwal, have expressed their interest in helping out the exchange by taking over. However, they also have their hands tied due to legal compliance.

The Matter - WazirX Hack

WazirX has been making headlines for the Rs. 2000 crore hack that's put its users in trouble. The hack, that occurred in July 2024, left many without access to their own funds, creating uncertainty and concern around the country’s crypto space.

A social media user, Romy Johnson, has earlier urged CoinDCX through the X platform, to come in support of the crypto exchange that’s been facing the problem for months now and help the victims get their funds recovered. He asked them to file a legal application in Singapore and take over WazirX.

WazirX has been facing operational as well as legal issues, especially with its parent company Binance.

What Did The CoinDCX Co-founders Say?

The CoinDCX founders have been considering various options to be able to help, however, they’ve also clarified that they will not be able to take an action until and unless there is a clear decision made by the Singapore courts. They are unable to intervene directly and step in given the legal situation and their limitations.

Despite the legal restrictions, again, the CoinDCX co-founders have expressed their interest in helping out if they are approached by the WazirX team. They need court and creditor approval first, they said. As per Gupta, CoinDCX is even ready to use its own funds to help the user victims as much as possible.

Khandelwal and Gupta have shown their support for the country’s crypto community for years now. According to them, India’s Web3 ecosystem should not be harmed due to any reason, one of the reasons why they are looking forward to offering help.

CoinDCX has thus shown its commitmen