CoinDCX Stands with WazirX Hack Victims Ready to Help Once Legal Issues Clear
- CoinDCX founders Sumit Gupta and Neeraj Khandelwal expressed support for WazirX hack victims, promising to help recover lost funds.
- Legal constraints in Singapore currently prevent CoinDCX from taking direct action, but they are closely monitoring the situation.
- The founders are ready to step in with court and creditor approvals, even using their own funds to assist affected users.
CoinDCX, one of Indias largest cryptocurrency exchanges, has expressed solidarity with the victims of the WazirX hack. Which resulted in a Rs 2000 crore loss. Co-founders Sumit Gupta and Neeraj Khandelwal have shown interest in stepping in to help recover funds. For the affected users but are currently limited by ongoing legal constraints in Singapore.
The WazirX hack, which occurred in July 2024, has left many users locked out of their funds, causing widespread uncertainty in Indias crypto community. Despite this, CoinDCX has publicly committed to assisting with the recovery process.
Sumit Gupta, in a recent statement, expressed his empathy for the victims and reiterated that CoinDCX is closely monitoring the situation. He clarified that CoinDCXs ability to act is limited due to legal proceedings in Singapore. Since the matter is currently sub judice, CoinDCX cannot intervene directly until the courts decide
Support Dependent on Legal Approval
Although CoinDCX is unable to take immediate action, Gupta confirmed that the exchange is ready to help once legal barriers are lifted. CoinDCX is willing to step in, provided it receives court and creditor approvals. The exchange is also prepared to deploy its own funds to assist in recovering the lost assets.
In response to the hack, social media user Romy Johnson urged CoinDCX. Which is to file a legal application in Singapore to take over WazirX and recover the funds. While CoinDCX cannot act immediately, Gupta emphasized that the exchange remains committed to supporting the victims and rebuilding trust in Indias crypto ecosystem.
The WazirX hack serves as a reminder of the risks in cryptocurrency. But also highlights the resilience of Indias crypto community. CoinDCXs commitment offers hope for recovery and trust restoration.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
