CoinDCX Clarifies Fraud Complaints Against Scam Crypto App Sharing its Name

Last updated: January 3, 2024 05:04 EST . 1 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: ShutterstockThe Delhi Police have initiated a cheating case against crypto app CoinDCX, following complaints from users about alleged bank fraud. However, India’s largest crypto exchange CoinDCX clarified that the fraud did not occur on their platform but rather on a fake app impersonating their name.

As per a local news report, complainants reported instances where they were asked to pay additional funds when attempting to withdraw their crypto investments online. The police are investigating the matter after combining three to four complaints from November last year.

CoinDCX Clarifies Against Clone Crypto Platforms

In response to the allegations, CoinDCX issued a statement to CryptoNews, asserting that the reported fraud did not transpire on their authentic platform. The complaints were directed towards a counterfeit crypto app that replicated CoinDCX’s name, deceiving users.

Police complaints were filed by victims who were duped out of hundreds of thousands of dollars in bank frauds by fake CoinDCX app.

The filed FIR states that an SHO-level officer conducted an inquiry, and a “cognizable” offense has been identified.

Fake Website Scams Rampant in Industry

CoinDCX clarified in their statement that no such fraudulent incident occurred on their official app or website. The exchange highlighted the prence of fake websites and URLs in the industry, mimicking financial apps to deceive users.

CoinDCX, reinforcing their commitment to user security, noted:

“We want to reiterate that the safety and security of users’ funds are our absolute top priorities.”

The exchange has reported threats to the responsible authorities and continues efforts to educate users on potential scams.

Despite the unsettling nature of such incidents, CoinDCX emphasized the importance of user vigilance and urged reporting of anything suspicious, collaborating with the community to maintain a secure and trustworthy environment. CoinDCX’s security team has identified and reported over 80 fraudulent websites/URLs impersonating their name in recent times.

India is seeing a massive rise in crypto-related fraud activities recently.