Mint Quick Edit: Time to rescue crypto from policy limbo
The money was lost from an account the company was using to manage liquidity on a partner platform and CoinDCX has said that the breach does not affect customer assets.
Also read: Crypto is booming again. Trump's return explains both the rise and the risk
While the investments of investors have been declared safe by the company, the incident spotlights the need for tighter systems-security.
Last year, WazirX, another crypto exchange, had lost $234 million in a cyber heist.
Such news can shake investor confidence, especially since the legal status of cryptocurrency in India remains in a regulatory grey zone.
Also read: Mint Primer | Future of cyber warfare: AI's dual role in attacking and defending India Inc
While the government's approach has been to tax crypto gains, it has neither explicitly banned such digital assets, nor offered a framework to regulate their trading and use.
This vacuum should not persist for long. India's crypto policy needs clarity. If digital tokens used as a currency must only be issued by the central bank, then the Centre must say so.
Also read: Google flags over 500 million scam messages monthly as cybercrime soars in India
If private tokens are fine if backed by proper reserves, like stablecoins, then this should be specified. The current state of affairs means high uncertainty.
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