“Please don’t fall for wrong information,” the Indian Crypto Exchange Coindcx’s co-founder and CEO, Sumit Gupta, said on Saturday in the midst of the allegations that the Exchange moved user funds to non-compatible devices in Lithuania.
The claim was allegedly made by another Indian exchange, Wazirx, which has been under control since last year’s hack of $ 230 million.
In a statement filed as part of Singapore High Court Proceedings (scheduled for consultation on July 15, 2025)Wazirx allegedly claimed that Coindcx had user funds in a Lithuania-based device not registered with India’s Economic Intelligence Unit (Fiu) Until February 2025.
Gupta denied these accusations in a message to Coindesk and emphasized that his India-based user’s Inr and Crypto Funds have always been held by Neblio Technologies, our FIU-IND-registered device, which is fully everywhere in all Indian laws.
“To the record: Coindcx had no entity in Lithuania until February 2025. We only engaged with third -party units to explore potential global expansion. No business was ever performed by Coindcx (Neblio Technologies) In Lithuania, and no user funds were ever moved to or held by any Lithuania-based device, “Gupta said.
He added that the Exchange updated its Terms of Use to make Neblio Technologies to the formal Contracting Party on February 7 this year and the change was made to strengthen transparency and user confidence.
“We did this proactively so that Coindcx users never face challenges such as those seen during the Wazirx episode. This approach protects users’ interests and we hope that other Indian exchanges adopt the same standard,” Gupta said, adding that the exchange “remains as always for user security, transparency and regulatory compliance.
