TechFlow News — Sumit Gupta, co-founder of Indian cryptocurrency exchange CoinDCX, has announced the establishment of an Investor Protection Fund with an initial size of approximately $6 million.
The fund aims to compensate users for losses incurred in rare circumstances, such as security breaches, and will be financed from company profits. Gupta stated that the fund represents about 1.8% of customer funds and will continue to grow in the future. This move comes after WazirX suffered a $230 million hack, and Gupta hopes this initiative will set an industry standard in India and enhance ecosystem security.
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