In the wake of ongoing WazirX hack case and subsequent legal quandary, a debate has emerged on social media regarding how protected the users belonging to popular crypto exchanges are.
A crypto influencer and CoinDCX user Gaurav Chaudhary (@asliGC) took to ‘X’ and posted a screenshot of his chat with CoinDCX Customer Care service.
According to Chaudhary, CoinDCX team had claimed in the chat that most crypto assets and related services are unregulated so customers using these services are not protected unlike regulated financial services.
This means that users may not receive the usual protections offered by regulated financial services, such as the ability to file complaints or seek compensation.
Chaudhary warned his followers that Indian exchanges might be taking advantage of their users. He called CoinDCX a “scammer exchange” and advised people to be cautious. According to him, scams are becoming more common in the web3 space, and users should remain vigilant.
His tweet serves as a reminder for crypto investors to stay informed about the risks involved in using unregulated services and to protect themselves from potential fraud.
Chaudhary’s message aims to spread awareness and prevent others from falling victim to what he believes is dishonest behavior by crypto exchanges.
Also Read: CoinDCX Ensures User Funds Are Safe After WazirX Hack
