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CoinDCX Clarifies Fraud Complaints Against Scam Crypto App Sharing its Name

The Delhi Police have launched a cheating case against the crypto app CoinDCX, responding to complaints from users regarding alleged bank fraud. However, India’s largest cryptocurrency exchange, CoinDCX, clarified that the fraud did not take place on their platform but on a fake app impersonating their name.

According to local news reports, complainants stated that they were prompted to make additional payments when trying to withdraw their cryptocurrency investments online. The police have initiated an investigation into the matter, consolidating three to four complaints received since November of the previous year.

CoinDCX Clarifies Against Clone Crypto Platforms

In response to the accusations, CoinDCX issued a statement to CryptoNews, emphasizing that the reported fraud did not take place on their legitimate platform. The complaints were lodged against a fraudulent cryptocurrency app that mimicked the name of CoinDCX, deceiving users.

Victims filed police complaints after being defrauded of significant amounts in bank frauds perpetrated by the fake CoinDCX app.

The filed First Information Report (FIR) indicates that an officer at the Station House Officer (SHO) level conducted an inquiry, identifying a “cognizable” offense. This suggests that the police have found grounds to pursue legal action based on the complaint.

Fake Website Scams Rampant in Industry

In their statement, CoinDCX clarified that no fraudulent incident occurred on their official app or website. The exchange drew attention to the widespread existence of fake websites and URLs in the industry, imitating financial apps to deceive users.

Reiterating their dedication to user security, CoinDCX emphasized:

“We want to reiterate that the safety and security of users’ funds are our absolute top priorities.”

CoinDCX has reported the threats to relevant authorities and remains actively engaged in efforts to educate users about potential scams. Despite the concerning nature of such incidents, CoinDCX stressed the significance of user vigilance and encouraged prompt reporting of anything suspicious. The exchange emphasized the importance of collaborative efforts with the community to uphold a secure and trustworthy environment. CoinDCX’s security team has identified and reported over 80 fraudulent websites and URLs impersonating their name in recent times.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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