Indian crypto exchange CoinDCX has set up an investor protection fund aimed at compensating users in the event of security bugs.
2024-08-06 23:42:01
Sumit Gupta, co-founder of Indian cryptocurrency exchange CoinDCX, said the company has set up an investor protection fund, which aims to "compensate users for losses suffered in extremely rare cases such as security bugs", and will initially hold nearly $6 million (5 billion Indian rupees), which is funded entirely from "our profits". The decision was made after the $230 million hack of WazirX last month, which involved nearly 45% of customer funds in one wallet. After the hack, Gupta was one of the first to criticize WazirX's proposed customer money management plan.
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