CoinDCX Co-Founders Arrested Amid Impersonation Scam Allegations

Indian cryptocurrency exchange CoinDCX has found itself at the center of a controversy after its co-founders, Sumit Gupta and Neeraj Khandelwal, were arrested following an FIR alleging cheating and financial fraud. However, the company claims that the complainants were victims of third-party scammers who impersonated CoinDCX.

The company has identified over 1,212 fake websites designed to mimic its platform, suggesting that these scams typically operate through fake websites, Telegram groups, and WhatsApp channels that appear identical to the official CoinDCX interface. These 'pig butchering' and phishing scams have been on the rise in the Indian crypto landscape.

CoinDCX has emphasized that its legitimate infrastructure remained secure and that no user data or funds from its official ecosystem were compromised in these incidents. The company is cooperating with authorities to identify the actual perpetrators behind the impersonation network.