Coinbase-backed Indian crypto exchange CoinDCX said a recent fraud complaint involving the platform is tied to a broader impersonation scheme, citing more than 1,200 malicious websites falsely using its brand. The statement follows local media reports that the company’s founders were questioned in connection with a fraud probe.
Exchange links complaint to impersonation scam
CoinDCX said the complaint at the center of the case stems from bad actors posing as the exchange rather than activities conducted by the company itself. According to reports, authorities questioned the exchange’s founders as part of the inquiry. CoinDCX maintains the matter involves third-party impersonation and not its official platforms or services.
Over 1,200 fake sites flagged
The exchange said it has identified more than 1,200 websites unlawfully using the CoinDCX name and branding. Impersonation scams commonly target users by cloning legitimate crypto platforms to solicit deposits, credentials, or personal information. The scale of the brand misuse underscores persistent consumer-protection challenges in India’s fast-growing digital asset market.
Background on CoinDCX
CoinDCX is one of India’s largest cryptocurrency exchanges and counts Coinbase among its investors. India’s crypto sector has faced an uptick in fraud and impersonation schemes amid evolving regulatory oversight, prompting exchanges to regularly warn users to verify official domains and apps.