CoinDCX, a prominent cryptocurrency exchange in India, has launched a comprehensive initiative to combat brand impersonation and cyber fraud. The Digital Suraksha Network, announced by CoinDCX's co-founder and CEO Sumit Gupta, aims to provide a sector-wide solution to the growing problem of phishing and impersonation affecting Indian crypto platforms.
According to reports, CoinDCX has identified over 1,200 websites impersonating its brand, highlighting the need for a coordinated effort to combat cybercrime. The network's proposed features include a 24/7 WhatsApp helpline for users to verify links and platforms before sending funds, an open fraud intelligence API fed by CoinDCX's database of fake sites, training support for state cybercrime cells on blockchain forensics and asset tracing, and a 'Caution Before Transaction' campaign aimed at educating ordinary digital finance users about the risks of cyber fraud.
The announcement comes days after Gupta and fellow co-founder Neeraj Khandelwal were released from police custody following their detention in connection with a complaint tied to a fake 'CoinDCX Pro' website that cheated an investor out of around $75,000. CoinDCX had maintained from the outset that the fraud was carried out by third parties posing as the founders via a spoofed trading site.