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CoinDCX Fraud- The Delhi Police has launched a cheating case against the crypto app CoinDCX, prompted by complaints from users alleging bank fraud.
However, CoinDCX, India’s largest crypto exchange, clarified that the fraudulent activities did not occur on their platform. Instead, the reported fraud took place on a fake app impersonating the CoinDCX name.
According to local news reports, complainants shared instances where they were prompted to make additional payments when attempting to withdraw their cryptocurrency investments online.
The police are actively investigating the matter, consolidating three to four complaints filed since November of the previous year.
CoinDCX Responds to Fraud Complaints: Authentic Platform Not Involved
CoinDCX fraud responded to allegations, stating that the reported incidents did not take place on their legitimate platform. Instead, the complaints were directed towards a counterfeit crypto app exploiting CoinDCX’s name and deceiving users.
Crypto Exchange #CoinDCX Faces Fraud Allegations Amid Investors’ Distress In India
— DG Crypto News (@dgcryptonews) January 3, 2024
CoinDCX Faces Fraud Allegations as investors report unexpected tax demands during crypto withdrawals, prompting Delhi Police investigation. pic.twitter.com/lEpMhKj1gN
Several victims filed police complaints, claiming substantial losses in bank fraud by the fake CoinDCX fraud app. The filed FIR indicates that an SHO-level officer conducted an inquiry, identifying a “cognizable” offense.
CoinDCX Fraud Reiterates Commitment to User Security Amid Fraud Complaints
CoinDCX clarified in their statement that no such fraudulent incident occurred on their official app or website. The exchange highlighted the prevalence of fake websites and URLs in the industry, mimicking financial apps to deceive users.
Reaffirming their commitment to user security, CoinDCX stated:
“We want to reiterate that the safety and security of users’ funds are our absolute top priorities.”
CoinDCX, after reporting the threats to relevant authorities, is actively involved in educating users about potential scams.
Despite the unsettling nature of such incidents, CoinDCX underscores the importance of user vigilance and encourages the prompt reporting of anything suspicious.
The exchange emphasizes collaboration with the community to maintain a secure and trustworthy environment.
In recent times, CoinDCX’s security team has identified and reported over 80 fraudulent websites/URLs impersonating their name. India is currently witnessing a notable increase in crypto-related fraud activities.
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