CoinDCX Clarifies Fraud Complaints Against Scam Crypto App Sharing its Name

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Author Profile

Share

Copied

Last updated:

January 3, 2024 05:04 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The 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 prevalence 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 prompt 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.