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Post WazirX Hack Crypto Faces An Image Problem In India, Admits CoinDCX CEO Sumit Gupta

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The Wazirx Hack, which has witnessed the reputable North Lazarus Group for $ 235 million of encryption exchange, in particular, affected the feelings of Indian encryption investors. After hacking, users moved to more reliable platforms.

In an interview published on May 5, 2025, Sumit Gobta, CEO of CoINDCX, an exchange of encryption based in India, discussed the current situation of the Indian encryption scene. He pointed out that the Indian market has matured significantly, with more than 1.6 rupees (16 million) of Indians who actively use similar platforms for COINDCX for daily cryptocurrency transactions.

More importantly, the platforms that committed to the knowledge of your customer (KYC) and anti -money laundering policies (AML) have become a favorite option for investors to stop their money. Gupta said that CoINDCX also witnessed an increase in user records, an increase in portfolio deposits, and the completion of KYC, which referred to active deportation to the statute.

In the interview, Gupta said that although Crypto is still facing a problem in the image, recent developments have done a lot to build confidence. With countries like the United States and Europe adopting an organized approach to encryption, the industry has witnessed the organizational uncertainty that is being treated to enhance growth and innovation.

Interestingly, on Monday, the Supreme Court of India described Bitcoin trading as a more accurate version of “Hawala”, which is an informal and illegal system often.

The Apix Court criticized the government for delaying the establishment of an organized framework, as a similar case was submitted two years ago, which prompted the court to request a policy clarification, but it did not receive any response in return.

The Supreme Court’s statements were made during a bail hearing of Kaylaish Baboulal Bhatt, who was arrested on charges of trading illegal bitcoin and has been held since 2023. However, his lawyers have argued that the Supreme Court had dropped circular transactions in India reserve.

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Coindcx has seen 12 % growth at the user base over the past six months

He said that Coindcx itself has seen 12 % growth at the base of users over the past six months, with a large part of this increase coming from stock traders. Gupta highlighted that high fluctuations in the encryption market and potential returns attract these users instead of traditional investments.

Over the past six months, Coindcx has seen a significant increase in its user base, although the size of local trading has seen some fluctuations. The trading volume of the company increased sharply from 216 million in October to 794 million in November, when it reached 995 million dollars in December 2024, although the numbers decreased significantly in February and March 2025, where it recorded $ 483 million and $ 388 million, respectively.

CoINDCX referred to the trend of cooling in the trading momentum after a strong end until 2024.

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Uncertainty in the market due to geopolitical tensions

Gupta admitted the numbers published in the global encryption index by Chainalysis, which ranked India as a leading country for the past two successive two years, when it comes to relying on the level of the base in the shape of Crypto, reflecting the acceptance of Crypto on a large scale and its capabilities in the country.

Gupta noted that 75 % of encryption investors in India are under the age of 35, confirming the enthusiasm of this category of assets between the younger generation.

However, Gupta stressed that the uncertainty in the market caused by geopolitical tensions, for example, the recently announced US tariff, also affects the feelings of investors in India. Decisions taken in the United States and Europe, which constitute the dynamics of the global encryption market, also affect local trading and liquidity volumes.

In his interview, he stated that the global transformation towards a clear organizational framework for encryption and institutional accreditation for the assets category can enhance the Indian encryption market.

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Main meals

  • More than 16 million Indians actively participate in encryption transactions

  • India is ranked first in the adoption of encryption at the level of the world level

  • Wazirx Hack has seen investors migrate to more confident platforms in India

Beypoon Wazirx Hack Crypto faces a problem in India, as Sumit Gupta, Coincx CEO, recognizes 99bitcoins.

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