CoinDCX are most likely insolvent and have locked crypto withdrawals long ago. Better exit via fiat withdrawals if you can

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CoinDCX is most likely insolvent. They have already locked crypto withdrawals claiming a need for “enhanced due diligence”, and could possibly lock down fiat withdrawals too.

Vauld, another popular indian CeFi lending platform just shut down withdrawals today. Vauld was backed by Peter Thiel, while CoinDCX was backed by Coinbase.

Sometime in June, they froze crypto withdrawals – https://www.timesnownews.com/business-economy/companies/coindcx-freezes-cryptocurrency-withdrawals-causing-panic-among-investors-article-92428199

This was the time to sell everything to fiat and just exit this shit show.

Right when Celsius, Voyager etc were having difficulties, these guys locked withdrawals and then claimed

CoinDCX in a statement said that the restriction is an enhanced measure to strengthen the platform’s “safety protocols”. Some wallets are under maintenance there is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny. The new process is being rolled out in phases, and it will reach all users in due course, it added.

This is obviously bullshit.

On Social media, there are a lot of complaints that accounts have been locked too.

CoinDCX Withdrawal Account Blocked Since June 20 I am tired of complaining

My INR withdrawal has blocked 3 days before due to deposit amount reversal. No response for ticket

BitBNS is another exchange thats most likely insolvent too, and have blocked withdrawals with lots of people complaining.

These exchanges were operating under total lack of regulation and its highly likely they gambled with user’s funds and lost a big chunk in the meltdown.

submitted by /u/Set1Less
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