EddieJayonCrypto
16 Jan 25
Indian digital currency exchanges are offering to take over and provide financial assistance to WazirX, following a $235 million cyberattack in 2024. CoinDCX is considering a takeover, while CoinSwitch has initiated a $70 million asset recovery program for affected WazirX users. The offers come amid...
Indian digital currency exchanges are offering to take over and provide financial assistance to WazirX, following a $235 million cyberattack in 2024.
CoinDCX is considering a takeover, while CoinSwitch has initiated a $70 million asset recovery program for affected WazirX users.
The offers come amid concerns about security weaknesses in global digital currency platforms and India's taxing regime.
Regulatory pressures have led to the closure of global digital asset exchanges in India, with some facing penalties and app removal demands from tech giants.
India imposes a 30% flat tax on all digital currency income with no provision to offset losses and a 1% tax deducted at source (TDS) on all transactions above Rs 10,000 ($115).
Seychelles-headquartered OKX and digital asset exchange Bybit are among those facing regulatory challenges in India.
Despite regulatory hurdles, Indian exchanges like CoinDCX and CoinSwitch are stepping up to address the aftermath of the WazirX cyberattack, reflecting ongoing shifts and challenges in the digital currency landscape.