Indian crypto exchange CoinDCX has established an investor protection fund aimed at providing compensation to users in the event of security breaches.
Sumit Gupta, co-founder of the Indian cryptocurrency exchange CoinDCX, said that the company has established an investor protection fund. The fund aims to "compensate users for losses suffered in extremely rare cases such as security vulnerabilities". Initially, the fund will hold nearly $6 million (5 billion Indian rupees), which comes entirely from "our profits". This decision was made after WazirX suffered a $23 million hack last month, which involved nearly 45% of customer funds in a wallet. Following the hack, Gupta was one of the earliest critics of WazirX's proposed customer fund management plan.
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