After an Indian court found no case against CoinDCX’s founders, the Coinbase-backed exchange said it will roll out an anti-fraud network to tackle impersonation and cyber fraud.
CoinDCX has announced a 100 crore Indian rupees (around $11 million) Digital Suraksha Network as a response to brand impersonation and cyber fraud, days after a court said there was “no prima facie” case against its founders.
The initiative, outlined by co-founder and CEO Sumit Gupta in a March 30 post on X, comes after he and fellow co-founder Neeraj Khandelwal were taken into police custody earlier in March over a complaint tied to a fake “CoinDCX Pro” website that cheated an investor out of around $75,000.
Thane police detained the founders on March 21 in connection with the fraud case, and the magistrate court later granted them bail, finding no case against them, and that the complainant had never met the real founders. The fraud was carried out by third parties posing as the founders via a spoofed trading site, a version of events CoinDCX had maintained from the outset.
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