Was CoinDCX Security Compromised? Indian Crypto Exchange Finally Bows Down to the Twitter Pressure

Last month a customer lost 3 BTC from his CoinDCX wallet. Complaining to the Exchange didn't help.

Last week, Indian Crypto community got united on this issue and voiced up against the Exchange on Twitter and YouTube.

CoinDCX projects itself as one of the most secure Crypto Exchange of India. Last month it also receive $2.5 million investment from Coinbase Ventures and Polychain Capital.

The Exchange was also in the news for providing $100 million insurance for its customers through BitGo.

But when this customer lost 3 BTC from his account due to the alleged security lapses, he received no help.

But when Indian Crypto community started calling it out, the Exchange finally released an official statement on it yesterday. The statement is very cleverly drafted to sound as if there was no fault from the Exchange's side. The case has been referred to some International forensic team and the result is still awaited.

Exchange further assures that even if BitGo fails to cover up this customer's losses, it will compensate the loss from its own pocket, if it's found guilty of any security breach on its part.

But this offer seems to be a one-off offer for this customer only, where Exchange is taking the guarantee beyond the insurance cover.

This is just because of the social media pressure created on the exchange in this case. The Exchange even mentioned prominent social media influencers in reply to its tweet, making it obvious that it was responding to these people and not the victim.

So far, so good! But would we always need to deal with Exchanges in this manner to make our complaints heard?

Too bad!

Posted Using LeoFinance