Can CoinDCX Save WazirX Users? CEO Sumit Gupta Reveals Recovery Plan

It has brought nightmares to almost every user of the WazirX WazirX - legal@wazirx.com 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 - sharjil.shaikh@coindcx.com Centralised Exchange CEO sumit gupta sumit gupta Sumit Gupta is the Co-founder and CEO of CoiDCX. CoiDCX is a company that specializes in crypto-enabled financial services and acts as a cryptocurrency trading client. It aims to make crypto easily accessible to Indians. He established his first company when he was 19. Soon after finishing his graduation and post-graduation from IIT Bombay, Sumit joined an MNC in Tokyo. He created India’s first location-based online marketplace, which later became a multi-million-dollar startup within a year. Sumit Gupta is currently working as a volunteer coordinator at Mood Indigo, IIT Bombay. Previously, he worked as a Software Engineer intern at Sony, where he contributed to the Sony Cyber-shot Cameras group. During his internship, he played a role in the development and strategy of the Auto-Portrait Framing Feature, which is now widely utilized across all Sony Digital Still Cameras.   Personal Info:Organization: CoiDCX.Location: Bengaluru, India.Graduation: Sumit Gupta is a graduate of the Indian Institute of Technology (IIT), Bombay earning a Bachelor of Technology degree in Electrical and Electronics Engineering in 2013. And then earned a Master’s Degree in Communication and Signal Processing in 2014.  Experience: Builder & Founder - CoinDCX from Mar 2018 to Present Co-Founder - ListUp from Jan 2016 to Oct 2017 Software Engineer - Sony Jul 2014 to Aug 2015 Data Research Analyst - Columbia Business School from May 2013 to October 2013 Research Fellowship - Karlsruhe Institute of Technology from May 2011 to Jul 2011 Software Engineer Intern - L&T Infotech   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.

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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.