Post Wazirx Hack Crypto is confronted with an image problem in India, admits the CEO of Coindcx Sumit Gupta

The hacking of Wazirx, which saw the infamous North Korean group Lazarus steal $ 235 million in the exchange of crypto, notably affected the feelings of Indian cryptography investors. Publish the hacking, users have migrated to more reliable platforms.

In an interview published on May 5, 2025, Sumit Gupta, CEO of Coindcx, an Crypto exchange based in India, discussed the current state of the landscape of Indian cryptography. He noted that the Indian market has matured considerably, with more than 1.6 crosses (16 million) Indians actively using platforms similar to Coindcx for their daily cryptocurrency transactions.

Above all, the platforms that adhered to the strict know the policies of your client (KYC) and the fight against money laundering (AML) have become favorite choices for investors to park their funds. Coindcx, too, said GUPTA, saw an increase in user registrations, an increase in wallet deposits and KYC supplements which indicated active migration to the platform.

Gupta, in the interview, said that although Crypto is still faced with an image problem, recent developments have done a lot to establish confidence. With countries like the United States and Europe adopting a structured crypto approach, industry has seen regulatory uncertainty contact growth and innovation.

Interestingly, the Supreme Court of India labeled Bitcoin trade in the country on Monday as a more refined version of “Hawala”, an informal and often illegal money transfer system.

The Supreme Court criticized the government for delaying the creation of a regulated framework, because a similar case was presented two years ago, which prompted the Court to request political clarification, but it has received no response in return.

The remarks of the Supreme Court were made during a release hearing under bond for Shailesh Babulal Bhatt, who was arrested for the illegal Bitcoin trade and which has been in detention since 2023. His lawyers, however, argued that the Supreme Court had canceled the reserve bank of the circular restriction of the Cirypto-Monnaie of the Reserve Bank of India.

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Coindcx has experienced 12% growth in the user base in the last six months

He said Coindcx himself has increased 12% of its user base in the last six months, with a large part of this thrust from action merchants. GUPTA stressed that the high volatility of the cryptography market and potential yields attract these users as opposed to traditional investments.

Over the past six months, Coindcx has experienced a solid increase in its user base, although its cash trading volume has experienced certain fluctuations. The company’s negotiation volume increased from 216 million in October to 794 million in November, reaching $ 995 million in December 2024, although the figures fell considerably in February and March 2025, recording $ 483 million and $ 388 million respectively.

Coindcx indicated a cooling trend in the negotiation momentum after a solid end at 2024.

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Market uncertainty caused by geopolitical tensions

GUPTA has recognized the figures published in the World Adoption of Cryptography by Chainalysis, which has classified India as the first country in the past two consecutive years, with regard to the adoption of the Crypto base, reflecting the acceptance and potential and potential of cryptography in the country.

Big news for the web3 community of India

It’s official – Layer One X is registered on @CoindcxA level 1 exchange with 16 m and more users across India.

This strategic list strengthens our footprint in one of the fastest cryptographic markets in the world – unlocking transparent access to $ L1X.… pic.twitter.com/xusi2c9roc

– COUSEX (@layeronex) May 6, 2025

GUPTA stressed that 75% of India -based cryptographic investors are under 35, confirming an enthusiasm for this class of assets among the young generation.

However, GUPTA stressed that the uncertainty of the market caused by geopolitical tensions, a case, the American prices recently announced, also affects the feelings of investors in India. Decisions made in the United States and Europe that shape the global dynamics of the cryptography market also have an impact on interior trading volumes and liquidity.

He said in his interview that a world change towards a regulatory framework for clear cryptography and the institutional adoption of the asset class can stimulate the Indian cryptography market.

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The post post Wazirx Hack Crypto is faced with an image problem in India, admits that the CEO of Coindcx Sumit Gupta appeared first on 99Bitcoins.

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