Indian cryptocurrency exchange CoinDCX has established a $6 million investor protection fund

ChainCatcher news, Sumit Gupta, co-founder of the Indian cryptocurrency exchange CoinDCX, stated that the company has established an investor protection fund aimed at "compensating users for losses incurred in extremely rare situations such as security breaches." Initially, it will hold nearly $6 million (500 million Indian Rupees), and this fund is entirely sourced from "our profits." This decision was made after last month's $230 million hack of WazirX, which involved nearly 45% of customer funds in one wallet. Following the hacking incident, Gupta was one of the earliest critics of WazirX's customer fund management plan.