CoinDCX has launched a decentralized custody feature, allowing its 15 million users to control their crypto assets directly in their own wallets. This initiative follows the $230 million hack of rival WazirX, which highlighted the risks of centralized custody. Users will have full control over their private keys, ensuring that no transactions occur without their consent.
CoinSwitch holds Rs 2514.91 crores in Proof of Reserves while dealing with the aftermath of WazirX’s $230-million cyber attack, which resulted in a 45% loss of its crypto holdings in July 2024. Currently, CoinSwitch is restructuring to assist affected users in recovering their funds and is pursuing legal action to reclaim 2% of its assets, totaling Rs 12.4 crore in INR, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens stuck with WazirX.
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