Can CoinDCX Save WazirX Users? CEO Sumit Gupta Reveals Plans to Recover Lost Funds

It has brought nightmares to almost every user of the WazirX WazirX – [email protected] Centralised ExchangeCrypto trading and Information exchange due to the losses they have incurred. In the course of the legal processes, issues related to losses and restructuring have emerged as critical issues. 

In the midst of this coindcx coindcx – [email protected] Centralised Exchange CEO sumit gupta sumit gupta Sumit Gupta is an entrepreneur, Investor, Software Engineer, and Data Research Analyst. He is the Founder and CEO of CoinDCX, founded in early 2018 intending to bring forward information and understanding of the cryptocurrency space across India. Being a bold believer in the potency of finance as a tool for personal freedom he has advocated the adoption of Blockchain Technology by supporting the role cryptocurrency play. Before Founding CoinDCX, Sumit Co-Founded ListUp which is an auction-based price discovery space for second-hand electronics. 
Aiming to successfully execute CoinDCX in the industry of trading services, Sumit is involved in developing the platform for trading digital assets easier than ever. He successfully invented India’s first location-based virtual marketplace which became a multimillion-dollar company within a year. At present, he is volunteering at Mood Indigo IIT Bombay as a Coordinator. In the past he held the position of Software Engineer Intern at Sony where he was part of the SONY Cyber-shot cameras group, operating on international products developed and strategized Auto-Portrait Framing Feature which at present is used widely across all Sony DSC Cameras.  EntrepreneurInvestorDeveloper/ProgrammerChief Executive Officer has stepped up to offer support and a potential solution to help affected users.

Here are the details.

A Message of Empathy and Support

On Twitter, Gupta expressed his understanding of the struggles WazirX users are facing. He, along with CoinDCX Co-Founder Neeraj Khandelwal, showed their support and offered to explore ways to compensate for the losses users have suffered.

CoinDCX’s Potential Plan to Help Users

Gupta explained that CoinDCX has been considering ways to recover users’ funds, including possibly purchasing WazirX to lead this process. However, he mentioned that ongoing legal issues in Singapore are preventing them from acting directly.

‘The matter is still pending in court and it has not produced a clear ruling yet,’ Gupta said.

Despite these challenges, Gupta remained determined. He shared that, if the WazirX team reaches out and with the court and creditor approvals, CoinDCX is ready to invest its own funds to help recover the losses.

• Also Read :
•   WazirX Proposes Settlement Plan to Recover From Hack: Will Creditors Approve?
•   ,

Restoring Trust in the Crypto Space

As usual, Gupta stressed that one negative incident should not be used to discredit the entire Indian crypto space. In his message to the users, his seven-plus years of experience dealing with Web3 made him promise to restore trust in the crypto market which has left countless users grappling with financial losses and uncertainty post such hacks. 

As legal proceedings continue, the main focus remains on recovering funds and holding those responsible accountable. With Gupta’s commitment to helping users, there is hope that solutions may soon be found.

The question remains—can trust in India’s crypto space be restored, or will the scars of this crisis last forever? Let’s wait and see.