CoinDCX has unveiled a ₹100 crore (around $11 million) Digital Suraksha Network to combat brand impersonation and cyber fraud, just days after a court ruled there was “no prima facie” case against its founders.
The initiative, announced by co-founder and CEO Sumit Gupta in a March 30 post on X, follows an incident earlier in March when he and co-founder Neeraj Khandelwal were taken into police custody over a complaint linked to a fake “CoinDCX Pro” website that defrauded an investor of roughly $75,000.
Thane police detained the founders on March 21 in connection with the case, but a magistrate court later granted them bail, noting there was no evidence against them and that the complainant had never interacted with the real founders. The scam was carried out by third parties impersonating them through a spoofed trading platform—an explanation CoinDCX had maintained from the beginning.
In a prior statement on X, the exchange revealed it had already identified over 1,200 websites mimicking its brand, underscoring the scale of phishing and impersonation threats facing Indian crypto platforms. Gupta’s latest move positions the response as a broader industry-wide cyber safety initiative rather than just a company-specific effort.
CoinDCX says impersonation fraud is a sector-wide issue
“This is not a crypto-specific problem,” Gupta wrote, emphasizing that any business with an online presence can have its brand copied and misused to deceive consumers.
The Digital Suraksha Network initiative includes plans for a 24/7 WhatsApp helpline to help users verify links and platforms before sending funds, an open fraud intelligence API powered by CoinDCX’s database of fake websites, training support for state cybercrime units in blockchain forensics and asset tracking, and a “Caution Before Transaction” campaign targeting everyday digital finance users.
Gupta did not share a detailed rollout timeline or clarify how much of the $11 million commitment has been allocated or deployed so far.
CoinDCX, which counts Coinbase among its investors, was valued at $2.45 billion post-money in October 2025 after Coinbase increased its stake in the exchange.
