Indian law enforcement picks CoinDCX for seized crypto custody

The Directorate of the Application of the Act of India has enlisted Coindcx to provide daycare services to the entered cryptocurrency.

Application management, IndiaThe agency of the police and economic intelligence has selected Coindcx Copyptto-Monnaie to manage the cryptocurrencies seized during the in progress in progress.

In a press release of March 5 shared with Crypto.News, Coindcx confirmed that he would manage custody of confiscated assets, following his cooperation with the management of the application and his role in the support of the crisis process for ED surveys involving Crypto.

The co-founder of Coindcx, Sumit Gupta, said that the exchange has created a specialized team equipped with advanced security protocols, including multi-signature and multi-party calculation portfolios, to manage custody.

The partnership came as Coindcx established An investor protection fund following a hacking of $ 230 million on Crypto Exchange Wazirx. The investor protection fund is designed to compensate users for losses suffered in “extremely rare scenarios such as security violations” and at the start held nearly $ 6 million thanks to the stocks of the stock market.

At the end of February, Crypto.News reported These crypto negotiation volumes in India reached $ 1.9 billion in the fourth quarter of 2024, more than doubling of the previous quarter, because investors of smaller city have sought new sources of income in the midst of weak growth and employment wages. Detail traders lead most of the activity. Of the 10 best cities leading to the adoption of crypto in 2024, seven were smaller cities like Jaipur, Lucknow and Pune, where people turn to crypto for additional income.

Despite high taxes and regulatory uncertainty, the Indian cryptography market is expected to increase beyond $ 15 billion by 2035, Kush Wadhwa, a partner with Grant Thornton Bharat.