„Бяхме задържани от полицията“, разкрива Сумит Гупта от CoinDCX за преживяването си с фалшива самоличност; стартира фонд за киберсигурност с 100 милиона рупии

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Sumit Gupta, co-founder and CEO of crypto exchange CoinDCX announced a Rs 100-crore fund to set up Digital Suraksha Network (D.S.N.), after being wrongly booked for a crypto fraud last week, where scammers impersonated the brand.

Gupta expects Digital Suraksha Network, will take up a few years to be completely built out. The planned offerings include a WhatsApp-based AI helpline, open API for fraud intelligence, and cyber safety infrastructure. This will be open to all digital ecosystem players such as fintechs, crypto platforms, banks, digital lenders, to name a few.

Why were CoinDCX founders arrested?

An FIR (first information report) was filed against the Coinbase-backed crypto exchange and its co-founders Gupta, Neeraj Khadelwal and Mridul Gupta on March 16 at Mumbra police station in Thane, after a 42-year-old insurance consultant accused the company of cheating having lost over Rs 71 lakhs in an online scam.

As per the FIR, the complainant alleged that they were promised 10-12 percent monthly returns by CoinDCX.

CoinDCX later clarified that it was a fake website named CoinDCX.pro that was impersonating the brand.

“It was highly disturbing. I was shocked and disheartened by what happened last week, because of some fake website called CoinDCX Pro. Today, anyone can create a fake website. Impersonators who used our name, created a Telegram channel, some social media accounts too, to do the fraud,” Gupta told Moneycontrol.

Sharing his experience, Gupta said, “Thane police took an FIR on 16th and on 20th they came to take us into police custody for no fault of ours. There was absolutely no involvement of CoinDCX’s platform and systems. The police come all the way from Mumbai to Bengaluru and booked us without any investigation, without any notice. It was highly unsettling. This is sad.”

He added that the complainant had never transacted with the platform earlier. The complainant himself confirmed that same at the court.

Three days later, on March 24, the Thane court granted the co-founders bail, and prima facie, no case was made against CoinDCX.

How will Digital Suraksha Network work?

CoinDCX is building a 24x7 WhatsApp helpline AI chatbot that will verify links, platforms and transactions.

The DSN will also have an open source API for fraud intelligence. Gupta said companies could create an open source list of fraudulent websites impersonating them and the customers could access that at any given point to verify. Most companies have a lot of data on their fake websites, and CoinDCX itself has earlier stopped nearly 1,200 plus fake websites.

The funds will also be used to develop training programmes for state cybercrime cells on blockchain forensics and digital asset tracing. Further, the crypto platform plans to start a nationwide initiative to give every Indian the tools to participate in digital finance safely.

"Cyber crime is happening at a massive scale. Every year, Indians lose Rs 25,000 crores in such digital scams. Roughly about 30 lakhs complaints are filed each year, and these complaints have been increasing in the last four-five years,” Gupta said.
source: https://www.tradingview.com/news/moneycontrol:4a90ccc5c094b:0-we-were-taken-into-police-custody-coindcx-s-sumit-gupta-opens-up-about-impersonation-experience-launches-rs-100-crores-cyber-fund/