Crypto Clash: CoinDCX CEO Denies Fraud Allegations Amidst Media Storm

CoinDCX, the prominent crypto exchange led by CEO Sumit Gupta, finds itself in the eye of a storm as allegations of fraud circulate in the media. Gupta vehemently refutes claims suggesting that the platform defrauded some of its users. The controversy stems from reports quoting anonymous Delhi police officials, accusing CoinDCX of soliciting extra funds for withdrawals, promising users a tax deduction and subsequent refund.

Gupta swiftly addressed the accusations, asserting that it was not CoinDCX but fake websites with names similar to CoinDCX that fueled the chaos. In a detailed post on X, Gupta stated, “We’ve learned of users reporting fraud related to the use of CoinDCX’s App through recent media outlets. We confirm no such incident on the CoinDCX App or website; this appears to be a case of a rampant fake website scam, a challenge faced by many fintech players.”

A story by Indian Express further fueled the controversy, reporting an investigation into CoinDCX following multiple user complaints. The FIR details a cognizable offense, with allegations that CoinDCX duped users by requesting an additional sum, purportedly for taxes, promising refunds before allowing withdrawals.

Faced with potential financial fraud, CoinDCX users took to social media to express concerns about the platform’s credibility. In response, Gupta reassured users, saying, “We take any reports of fraudulent activity seriously and have been working with the cyber cell and MeITY on such matters.”

The timing of these events adds complexity, aligning with the Indian government’s increased scrutiny of crypto players. Recently, virtual asset service providers (VASPs) in India were brought under the Anti-Money Laundering and Counter-Financing of Terrorism (AML-CFT) framework.

As regulatory pressure intensifies, CoinDCX remains focused on security. Gupta emphasized the collaboration with authorities to combat fraudulent websites masquerading as CoinDCX, reporting over 80 such cases recently. With the crypto industry under increased scrutiny, the exchange aims to uphold the safety and security of users’ funds.

In the wake of these developments, CoinDCX users are urged to exercise caution and verify information through official channels. Stay tuned for further updates on this developing story.

Navigating the Crypto Maze: Guarding Against Threats

The crypto landscape is rife with challenges, and as phishing attacks surge, a vigilant eye becomes paramount. Scammers, masquerading as legitimate platforms like CoinDCX, set up fake websites to trick users into divulging sensitive information. Stay ahead of the game by steering clear of deceptive domains:

Interact exclusively with the official CoinDCX website: Avoid providing information on unverified platforms or suspicious links to safeguard your assets.

Navigating Social Impersonation: Unmasking False Profiles

The rise of social media impersonation adds complexity to the threat landscape. Fraudsters create fake profiles, emulating renowned figures in the crypto industry. Ensure the authenticity of CoinDCX handles:

CoinDCX verified handles never solicit sensitive information online. Report any suspicious activity to

Cracking the Code of Fake ICOs: A Cautionary Tale

The allure of fake Initial Coin Offerings (ICOs) poses a substantial threat. Exercise caution and follow these safety tips:

  • Authenticate Sender’s Identity
  • Check Links Before Clicking
  • Keep Software Up-to-Date
  • Limit Personal Information Sharing
  • Report Suspicious Activity to

Verified CoinDCX Handles: Your North Star in the Crypto Sky

Rely solely on the following CoinDCX communication channels:

For any uncertainties or unverified handles, seek assistance at


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Maria Irene
Maria Irene
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.


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