CoinDCX reports phishing attack after investigation into its cofounders begins

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CoinDCX linked to scam probe

Investigation and CoinDCX’s position

Police in Thane launched an investigation after a complaint from an investor who claimed to have lost around 7.1 million rupees (approximately $75,000). According to the complaint, the funds were invested through a website impersonating the CoinDCX platform.

As part of the case, Sumit Gupta and Neeraj Khandelwal were detained in Bengaluru and brought before a court in Thane, which remanded them in custody until Monday. The company maintains that the police complaint was “false and filed as part of a conspiracy.”

CoinDCX emphasized that attackers used brand impersonation, posing as the founders and redirecting funds to third-party accounts. The company stated that it is “fully cooperating with the relevant law enforcement authorities” and is strengthening user awareness around risks.

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According to internal data, more than 1,212 websites mimicking the coindcx.com domain were identified between April 2024 and January 2026, highlighting the scale of phishing threats targeting crypto users.

Rise in investment fraud

The situation around CoinDCX comes amid a broader increase in financial crime in India. According to the country’s Ministry of Home Affairs, about 76% of all financial losses in 2025 were linked to investment fraud schemes.

The crypto sector remains a key target for such attacks. Fraudsters actively use fake platforms, promises of high returns, and social engineering tactics to deceive users.

At the same time, systemic risks in Web3 persist. Industry estimates suggest that global losses from hacks and vulnerabilities reached approximately $3.95 billion in 2025.

New risks for users and platforms

The CoinDCX case shows how the structure of risks in the crypto industry is evolving. The main threat is increasingly coming not from platforms themselves but from external attacks — including fake websites, interfaces, and accounts.

For major players, this means investing not only in system security but also in brand protection. Companies are stepping up domain monitoring, implementing user alerts, and working more closely with regulators.

CoinDCX is one of India’s largest crypto platforms, founded in 2018. Following investment from Coinbase Ventures in 2025, its valuation reached around $2.45 billion.

For users, this serves as a reminder of basic security practices. Even major platforms cannot protect against fraud if interactions occur through fake resources. As such schemes grow, vigilance becomes a key line of defense.

Earlier, CoinDCX also expanded its institutional offering by launching an upgraded over-the-counter (OTC) desk. The service is aimed at high-volume traders seeking private execution, personalized support, and better pricing, with a focus on controlled pricing, seamless settlements, and secure transaction processes.

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