CoinDCX, one of India’s largest cryptocurrency exchanges, has expressed solidarity with the victims of the WazirX hack of Rs 2000 crore. The exchange co-founders, Sumit Gupta and Neeraj Khandelwal, have shown interest in taking over WazirX to help users by working on fund recovery but have their hands tied due to legal compliance.
One social media user, Romy Johnson, had publicly urged the founders of CoinDCX, Neeraj Khandelwal and Sumit Gupta, to file a legal application in Singapore to take over WazirX and help recover funds for the victims of the recent hack.
Johnson’s call to action was aimed at encouraging CoinDCX to step in and provide a solution by taking control of WazirX, which has been facing operational challenges and legal issues, especially with its parent company, Binance.
Sumit Gupta, the co-founder of CoinDCX, has shared his strong support for the victims of the WazirX hack, expressing empathy for the difficulties they are facing.
The WazirX hack, which happened in July 2024, has created a growing concern within India’s crypto space. The hack has left many individuals without access to their funds, and there is widespread uncertainty about how the situation will be resolved.
In his statement, he emphasized that both he and his business partner, Neeraj Khandelwal, are committed to helping the affected users recover their lost funds. CoinDCX has been closely following the developments surrounding the hack and has been considering various options to assist in the recovery process.
However, Gupta clarified that due to the ongoing legal situation in Singapore (the matter is currently “sub judice”), CoinDCX is unable to take any direct action until a clear decision is made by the Singapore courts. This legal situation is currently limiting CoinDCX’s ability to step in and intervene directly.
Despite legal restrictions, Gupta said CoinDCX is ready to help if WazirX’s team approaches them. They can step in, but need court and creditor approval first. Gupta also mentioned that CoinDCX is willing to use its funds to help users recover as much as possible.
Gupta and Khandelwal have been supporting the Indian crypto community for over seven years. They stressed that the WazirX hack shouldn’t harm India’s Web3 ecosystem and reiterated their commitment to restoring trust and helping the crypto industry grow.
This shows CoinDCX’s commitment to resolving the situation and its long-term dedication to India’s crypto market and supporting users during the crisis.
Also Read: WazirX Users Lose Rs 50 Cr in WRX After Binance Delisting
