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India’s Crypto Reputation Takes a Hit After WazirX Hack—CoinDCX CEO Admits ’Image Problem’

India’s Crypto Reputation Takes a Hit After WazirX Hack—CoinDCX CEO Admits ’Image Problem’

Published:
2025-05-06 13:56:32
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Another day, another crypto hack—except this time it’s India’s homegrown exchange WazirX in the crosshairs. CoinDCX CEO Sumit Gupta doesn’t mince words: ’Trust is bleeding faster than a DeFi exploit.’

Regulators already side-eyeing crypto now have fresh ammo. Gupta’s candor is refreshing—or desperate, depending on whether you think ’transparency’ is PR spin or damage control.

Meanwhile, retail traders keep buying the dip. Because nothing says ’mature asset class’ like shrugging off nine-figure security failures.

CoinDCX Experienced 12% Growth In User Base Over Last Six Months

He said that CoinDCX itself has experienced a 12% growth in its user base over the last six months, with a sizeable chunk of this surge coming from equity traders. Gupta highlighted that the crypto market’s high volatility and potential returns attract these users as opposed to traditional investments.

Over the past six months, CoinDCX has seen a solid increase in its user base, though its spot trading volume has experienced some fluctuations. The company’s trading volume climbed steeply from 216 million in October to 794 million in November, reaching $995 million in December 2024, although, the numbers dipped significantly in February and March 2025, recording $483 million and $388 million, respectively.

CoinDCX indicated a cooling trend in trading momentum after a strong end to 2024.

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Market Uncertainty Caused By Geopolitical Tensions

Gupta acknowledged the numbers published in the Global Crypto Adoption Index by Chainalysis, which ranked India as the leading country for the last two consecutive years, when it comes to grassroots adoption of crypto, reflecting crypto’s widespread acceptance and potential in the country.

🇮🇳Big news for India’s Web3 community

It’s official — Layer One X is listing on @CoinDCX, a Tier-1 exchange with 16M+ users across India.

This strategic listing strengthens our footprint in one of the world’s fastest-growing crypto markets — unlocking seamless access to $L1X.… pic.twitter.com/XusI2c9RoC

— LayerOneX (@LayerOneX) May 6, 2025

Gupta pointed out that 75% of the crypto investors based in India are under the age of 35, confirming an enthusiasm for this asset class among the younger generation.

However, Gupta emphasised that market uncertainty caused by geopolitical tensions, case in point, the recently announced US tariffs, also affects investor sentiments in India. Decisions taken in the US and Europe that shape the global crypto market dynamics also impact domestic trading volumes and liquidity.

He stated in his interview that a global shift towards a clear crypto regulatory framework and institutional adoption of the asset class can boost the Indian crypto market.

: Best New Cryptocurrencies to Invest in 2025

Key Takeaways

  • Over 16 million Indians actively engage in crypto transactions
  • India ranks #1 in grassroots crypto adoption globally
  • WazirX hack saw investors migrate to more trusted platforms in India

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