WazirX

<ul><li>CoinDCX has launched a $6 million investor protection fund after WazirX&#39;s $230 million hack.</li><li>The fund will initially cover about 1.8% of CoinDCX&#39;s customer funds, with contributions from monthly brokerage income.</li><li>The firm aims to set a new standard for crypto exchanges in India, encouraging industry-wide adoption of similar measures.</li></ul>Indian cryptocurrency exchange <a href="https://cryptotale.org/coindcx-ceo-criticizes-wazirxs-handling-of-cyberattack-losses/" rel="noopener noreferrer nofollow">CoinDCX</a> has introduced a $6 million Crypto Investors Protection Fund (CIPF) to bolster user security following the recent WazirX hack. The CIPF is designed to reassure investors amid growing worries about exchange safety.Sumit Gupta, CoinDCX&#39;s co-founder, revealed that the fund will start with INR 50 crore, entirely funded by the company&#39;s earnings. This decision follows the recent $230 million hack at <a href="https://cryptotale.org/wazirx-hacker-converts-stolen-funds-to-206-million-worth-of-eth/" rel="noopener noreferrer nofollow">WazirX</a>, which jeopardized about 45% of its customer funds. Gupta highlighted that CoinDCX&#39;s fund is designed to address losses from exceptional incidents like security breaches.Besides this, Gupta highlighted that the fund is a proactive measure to set a new standard in investor protection. He noted that if other exchanges follow suit, it would greatly benefit the ecosystem. The fund is designed to address the growing need for enhanced security measures in India&#39;s rapidly expanding crypto market.<a href="https://cryptotale.org/coindcxs-6m-investor-protection-fund-post-230m-wazirx-hack/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

CoinDCX’s $6M Investor Protection Fund Post $230M WazirX Hack

CryptoTale

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