• CoinDCX founders Sumit Gupta and Neeraj Khandelwal expressed support for WazirX hack victims, promising to help recover lost funds.
• Legal constraints in Singapore currently prevent CoinDCX from taking direct action, but they are closely monitoring the situation.
• The founders are ready to step in with court and creditor approvals, even using their own funds to assist affected users.

CoinDCX, one of India’s largest cryptocurrency exchanges, has expressed solidarity with the victims of the WazirX hack. Which resulted in a Rs 2000 crore loss. Co-founders Sumit Gupta and Neeraj Khandelwal have shown interest in stepping in to help recover funds. For the affected users but are currently limited by ongoing legal constraints in Singapore.

The WazirX hack, which occurred in July 2024, has left many users locked out of their funds, causing widespread uncertainty in India’s crypto community. Despite this, CoinDCX has publicly committed to assisting with the recovery process.

Sumit Gupta, in a recent statement, expressed his empathy for the victims and reiterated that CoinDCX is closely monitoring the situation. He clarified that CoinDCX’s ability to act is limited due to legal proceedings in Singapore. Since the matter is currently “sub judice,” CoinDCX cannot intervene directly until the courts decide

I totally feel the pain of WazirX users and the challenges they are facing. @neerajKh_ and I stand with WazirX hack victims and we commit to do whatever we can in our capacity to help out the impacted users.

infact, we are closely following the developments and keep thinking of… https://t.co/MFMQZBdLPS

— Sumit Gupta (CoinDCX) (@smtgpt) December 30, 2024

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Support Dependent on Legal Approval

Although CoinDCX is unable to take immediate action, Gupta confirmed that the exchange is ready to help once legal barriers are lifted. CoinDCX is willing to step in, provided it receives court and creditor approvals. The exchange is also prepared to deploy its own funds to assist in recovering the lost assets.

In response to the hack, social media user Romy Johnson urged CoinDCX. Which is to file a legal application in Singapore to take over WazirX and recover the funds. While CoinDCX cannot act immediately, Gupta emphasized that the exchange remains committed to supporting the victims and rebuilding trust in India’s crypto ecosystem.

The WazirX hack serves as a reminder of the risks in cryptocurrency. But also highlights the resilience of India’s crypto community. CoinDCX’s commitment offers hope for recovery and trust restoration.

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