CoinDCX Denies Fraud Allegations, Cites Impersonation Scam
- CoinDCX claims the FIR against its co-founders is part of a conspiracy involving impersonators.
- The exchange reported over 1,212 fake websites mimicking its platform.
- A victim reported losses of $76,000 after being lured into a fraudulent investment scheme using CoinDCX branding.
- CoinDCX stated that funds were not routed through its systems and the complainant has no association with the platform.
Indian crypto exchange CoinDCX has dismissed fraud allegations linked to a police investigation, attributing them to impersonators misusing its brand. The company highlighted the scale of impersonation activity, reporting over a thousand fake websites mimicking its platform. This incident underscores ongoing challenges in the Indian crypto space due to gaps in regulatory standards.
Despite allegations, CoinDCX maintains that it is cooperating with law enforcement and continues efforts to raise user awareness against such scams. The exchange emphasizes that the complainant’s claims are unrelated to their operations, reinforcing their stance on being targeted by fraudsters. (Source)
