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Sumit Gupta (CoinDCX)
Building @CoinDCX 🚀 || Tweets about Indian #Crypto and #Web3 sector || 🌎. Hiring the best Web3 folks; DM to apply. 📩
Product Update on web3 mode in Coindcx
23.7. klo 15.14
Update on Web3 section on Coindcx App. Guys the team is working hard to restore withdrawals, cross chain bridging, GSN and deposits. ETA for all of these to resolve is tomorrow morning.
I want to make all this fully functional quickly because Alt season is upon us and Web3 makes access to new Alts super smooth. Stay tuned!
4,92K
Sumit Gupta (CoinDCX) kirjasi uudelleen
The CoinDCX leadership team recently hosted a live Open House session on YouTube and X to address the community's toughest questions following the recent incident. One of the key questions we got was about the recent price discrepancy observed in certain tokens and pairs on @CoinDCX.
I explained how any exchange operates on a fundamental balance between buyers and sellers. The price dip had a straightforward cause: a wave of fear led to widespread panic selling. This surge of sell orders briefly disrupted the natural balance between buyers and sellers that exists on any exchange.
However, markets are resilient. The situation corrected itself quickly as new buyers recognized the opportunity to buy the dip and stepped in, allowing prices to recover.
The bigger lesson is simple: never make investing decisions based on FUD (fear, uncertainty, doubt). Always look at the bigger picture to understand what is going on and then make an informed decision.
If you missed the session, I encourage you to watch the full livestream (link in comment below). It provides a complete picture of what happened and highlights how CoinDCX is fully operational and remains a safe platform for you to invest and trade.
5,43K
India collected a total of ₹706 crore in crypto income tax over the last two financial years.
-FY2022–23: ₹269 crore
-FY2023–24: ₹437 crore
But here’s the BIG problem. TDS India lost to offshore exchanges:
-FY22–23: ~₹3,493 Cr
-FY23–24: ~₹2,634 Cr
(Data from from Esya Centre's Report)
Due to high 1% TDS + 30% capital gains, millions of Indians now trade in offshore exchanges and stay non-compliant.
What can fix this?
-Eliminate the 1% TDS on crypto trades: Domestic trading and compliance would rebound.
-Lower the 30% capital gains tax: Will encourage more investors to invest for the long term & in higher volumes
Lower taxes = higher compliance, more volumes, and far greater revenues for India’s web3 future!
I believe these simple reforms alone could 10× India's crypto tax collections to over ₹5,000 crore per year.
By making just a few key changes, we can bring trading volumes back to India and make India a global leader in crypto!
24,78K
Sumit Gupta (CoinDCX) kirjasi uudelleen
Can’t put into words how proud I am of the team at @CoinDCX. Even though the situation involved a massive ₹380 crore, the kind of amount that would shake anyone. The way they have handled the entire situation calm, transparent, and hands-on is nothing short of inspiring.
@smtgpt and @nrjkhandewal personally stepping in to answer user queries across X and other platforms says everything about the culture they’ve built.
GOATed team for a reason. 👏
11,2K
Thanks Sandeep, means a lot.
Every setback teaches us something, and we’re still learning and taking all our lessons on ground and in real time.
We’ll keep pushing our limits to build what India deserves. 💯
22.7. klo 02.42
Coindcx leadership has been incredibly steadfast towards their community during this unfortunate moment — a true masterclass in disaster management.
From what I know, Coindcx has deep pockets and will likely absorb this loss without any impact on its customers. Moments like these have occurred with every top exchange — even Binance — but what mattered was ensuring users were SAFU. That’s what built long-term trust.
I believe the same will happen with Coindcx. 🤞
PS: I'm not an investor in Coindcx — just sharing this as an observer and a member of the Indian crypto community.
10,4K
Trust takes years to build and we won’t let any moment/incident shake that.
CoinDCX is a mission-driven company, committed to building for the Indian crypto ecosystem. This amount was nothing compared to our determination to achieve that goal, so taking such bold decisions was a matter of seconds for us!
22.7. klo 01.06
Massive respect!!
The way @smtgpt @neerajKh_ and entire CoinDCX team handled it, just raises my respect for them even more.
It wasn’t a small quantum, but DCX didn’t let users even face a pinch. They took all the bullets.
It definitely couldn’t have been an easy decision, especially given the sharp decline in exchange volumes over the past few years following the crypto taxation policy.
Situations like these, is when a company is tested on a different level.
Super bullish on @CoinDCX.
14,75K
Sumit Gupta (CoinDCX) kirjasi uudelleen
@smtgpt @neerajKh_ @CoinDCX at the time of crisis you have shown extraordinary temparament to restore investors confidence keeping intact the INR withdrawals and with regular updates to community. This is almost international standards of handling any cyber incident crisis. Now it is high time to your infrastructure cyber resilience at international standards to show India can also do and learn from mistakes . We are all with you. 👍🤝🫴🏻
3,09K
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