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Techub News reported, according to Cointelegraph, the Thane District Court in India ruled on March 23 that CoinDCX co-founders Sumit Gupta and Niraj Khandelwal did not constitute prima facie evidence of a crime in a fraud case involving 7.1 million rupees (approximately $75,000) and granted bail to the two. The court investigation revealed that the fraud actually occurred on the counterfeit website coindcx.pro, which is unrelated to the official CoinDCX platform. The main suspect, Rana, has fully refunded the victim, and the victim also confirmed in court that the two founders were not the individuals they met at the cafe. CoinDCX subsequently issued a statement, characterizing the incident as a "third-party impersonation" and reminded users to always verify the domain name and only interact through official channels to guard against the increasingly rampant counterfeit and phishing scams in India's crypto industry.
Techub News reported, according to The Block, that Indian cryptocurrency exchange CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal were arrested by Thane police on fraud allegations. The court ordered them remanded to police custody until March 23. The case stems from a report filed by an insurance advisor who claimed to have lost approximately $85,000 through a fake investment scheme linked to CoinDCX. CoinDCX called the report "false," stating the fraud was perpetrated through a spoofed website by impersonators, not through its platform, and said it has reported over 1,200 fake websites impersonating its domain since April 2024.
Techub News reports, according to a tweet by Paul Grewal, Chief Legal Officer of Coinbase, the Competition Commission of India (CCI) has approved Coinbase's acquisition of a minority stake in DCX Global, the parent company of the Indian crypto platform CoinDCX. Grewal stated that this move will deepen the long-term partnership between Coinbase and CoinDCX. Although the specific shareholding ratio has not been disclosed, Coinbase denied previous reports about a full acquisition of the company for $1 billion.
Techub News reported, according to The Block, Sumit Gupta, co-founder and CEO of CoinDCX, stated that this Coinbase investment values CoinDCX at $2.45 billion. Techub News previously reported that Coinbase invested in the Indian and Middle Eastern cryptocurrency exchange CoinDCX.
Techub News, Coinbase has invested in the Indian and Middle Eastern cryptocurrency exchange CoinDCX, having previously invested in CoinDCX through Coinbase Ventures. The specific investment amount was not disclosed. This investment will enhance its business in the region. Coinbase is still operating in India and the Middle East and has other significant local partners. This transaction is still subject to regulatory approval and other customary closing conditions. As of July 2025, CoinDCX's annual group revenue was 1,179 crore rupees (approximately $141 million), with an annual trading volume of 13.7 crore rupees (approximately $165 billion) across all products, assets under custody exceeding 10,000 crore rupees ($1.2 billion), and a user base of over 20.4 million.
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