A court in India has granted bail to the founders of cryptocurrency exchange CoinDCX after finding no link between them and a ₹71 lakh fraud case. The investigation revealed that the scam was carried out through a fake website impersonating CoinDCX, and not through any breach on their official platform.
The court reviewed the case details and found that there was no prima facie evidence linking the founders to the fraud. The order noted that the activity did not occur on the official CoinDCX platform, but rather through a phishing website with a similar design and branding to the real one.
Investigations showed that users were misled into entering their details on the fake site, allowing attackers to gain access to funds. CoinDCX stated that its platform remained secure during the incident and that no internal systems were compromised. The company confirmed that user funds on the official platform were safe.