CoinDCX announces customer protection fund days after WazirX heist

Crypto exchange platform CoinDCX announced that the firm has allocated Rs 50 crore as part of its Crypto Investors Protection Fund (CIPF) to compensate users for losses incurred in security breaches. This comes days after crypto exchange WazirX faced a cyber theft leading to a loss of $230 million.

The company said that it would add 2 per cent of its brokerage income to this initial corpus, thereby increasing the size of the fund over a period of time.