According to TechFlow, Sumit Gupta, co-founder of Indian cryptocurrency exchange CoinDCX, announced the establishment of an investor protection fund with an initial size of approximately US$6 million.
The fund is designed to compensate users for losses in rare cases (such as security vulnerabilities) and is funded by the company's profits. Gupta said the fund size accounts for about 1.8% of customer funds and will continue to increase in the future. This move was made after WazirX suffered a $230 million hack. Gupta hopes that this move will establish industry standards in India and improve the security of the ecosystem.