After WazirX’s $230 Mn Crypto Hack, CoinDCX Sets Up INR 50 Cr Crypto Investors Protection Fund

After WazirX’s $230 Mn Crypto Hack, CoinDCX Sets Up INR 50 Cr Crypto Investors Protection Fund

SUMMARY

Following WazirX's $230 Mn hack, CoinDCX has set up a crypto investors protection fund (CIPF) to compensate users for losses incurred in security breaches or other adverse events

While the size of CoinDCX’s CIPF is currently set at INR 50 Cr, the crypto exchange has vowed to add 2% of brokerage income to the corpus, with annual revisions and increasing the pool size of the fund over time

Gupta emphasised that the one-of-its-kind CIPF is a significant step towards building long-term trust in the Indian crypto ecosystem

In light of the recent cyberattack on WazirX that stole $230 Mn from the crypto exchange, its peer CoinDCXCoinDCX Datalabs_in-article-icon has set up a first-of-its-kind crypto investors protection fund (CIPF) to compensate users for losses incurred in security breaches or other adverse events.

While the size of CoinDCX’s CIPF is currently set at INR 50 Cr, the crypto exchange has vowed to add 2% of brokerage income to the corpus, with annual revisions and increasing the pool size of the fund over time.

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