CoinDCX Unveils $6M Investors Protection Funds to Compensate Hack Victims
CoinDCX has launched a $6 million investor protection fund to safeguard users from financial losses. Days after the Indian crypto exchange WazirX suffered a multimillion-dollar hack, CoinDCX launched a crypto investors protection fund (CIPF). The funding will assist virtual asset service providers (VASPs) to enhance security measures to protect Indian investors from malicious attacks. CoinDCX
Kimberly Crain3 min read
CoinDCX has launched a $6 million investor protection fund to safeguard users from financial losses.
Days after the Indian crypto exchange WazirX suffered a multimillion-dollar hack, CoinDCX launched a crypto investors protection fund (CIPF). The funding will assist virtual asset service providers (VASPs) to enhance security measures to protect Indian investors from malicious attacks.
An August 6 press release stated that the CIPF would compensate the investors who suffered in rare scenarios such as security breaches and hacks. This implies that in an unforeseen circumstance, the hack victims will receive their compensation timely.
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