Delhi Police Investigate Fraud Complaints Against CoinDCX
The Delhi Police have launched an investigation into a cheating case involving crypto app CoinDCX after receiving complaints from users about alleged bank fraud. However, CoinDCX, India’s largest crypto exchange, clarified that the fraud did not occur on their platform but rather on a fake app impersonating their name.
According to local news reports, complainants stated that they were asked to pay additional funds when trying to withdraw their crypto investments online. The police are now looking into the matter based on three to four complaints filed since November of last year.
CoinDCX Denies Involvement in Fraud
In response to the allegations, CoinDCX released a statement affirming that the reported fraud did not take place on their legitimate platform. Instead, it occurred on a counterfeit crypto app that copied CoinDCX’s name to deceive users.
Victims who fell for the scam lost hundreds of thousands of dollars due to bank fraud committed by the fake CoinDCX app. An FIR has been filed, and an investigation is underway.
Rise in Fake Website Scams
CoinDCX emphasized that no fraudulent incidents occurred on their official app or website. They highlighted the prevalence of fake websites and URLs in the industry, which mimic financial apps to trick users.
The exchange reiterated its commitment to user security and reported threats to relevant authorities. They also continue their efforts to educate users about potential scams. CoinDCX’s security team has identified and reported over 80 fraudulent websites/URLs impersonating their name recently.
User Vigilance and Reporting
Despite these concerning incidents, CoinDCX stressed the importance of user vigilance and urged prompt reporting of any suspicious activity. They believe that collaboration with the community is crucial in maintaining a secure and trustworthy environment.
India has witnessed a significant increase in crypto-related fraud activities in recent times.
Hot Take: CoinDCX Takes Stand Against Scam Crypto App
CoinDCX faces accusations of fraud, but the exchange maintains its innocence, asserting that the reported incidents did not occur on their platform. They are victims of a counterfeit crypto app that impersonated their name to deceive users. This highlights the prevalence of fake websites and URLs in the industry, which pose a threat to user security. CoinDCX remains committed to protecting users’ funds and has reported numerous fraudulent websites/URLs impersonating their name. However, they emphasize the importance of user vigilance and prompt reporting of any suspicious activity to maintain a safe and trustworthy environment for all users.
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