CoinDCX Denies WazirX Allegations of Crypto Fund Transfers to Lithuania

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2025-07-16 05:43:02

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Indian cryptocurrency exchanges WazirX and CoinDCX are locked in a legal dispute, with WazirX alleging in a Singapore High Court filing that CoinDCX held user crypto assets through an unregistered Lithuanian entity. The claim, part of WazirX's restructuring efforts following a $234.9 million hack in July 2024, was dismissed by CoinDCX as "incorrect and misleading."

CoinDCX CEO Sumit Gupta clarified via X that all Indian users' funds remain under Neblio Technologies, an FIU-registered entity compliant with local laws. The next court hearing is set for July 15, 2025, as WazirX seeks approval for its recovery plan.

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