An Indian court acquitted the founder of CoinDCX and granted him bail.

On March 23, the Thana District Court in India ruled that there was no preliminary evidence of a criminal offense in a fraud case involving 7.1 million rupees (approximately $75,000) and granted bail to both CoinDCX co-founders Sumit Gupta and Niraj Khandelwal. The court investigation revealed that the fraud actually occurred on a fake website, coindcx.pro, and had no connection to the official CoinDCX platform. Rana, the main perpetrator, has fully refunded the victims, who confirmed in court that the two founders were not the individuals they met in the coffee shop. CoinDCX subsequently issued a statement characterizing the incident as "third-party impersonation" and reminded users to verify domain names and only interact through official channels to guard against the increasingly rampant impersonation and phishing scams in the Indian cryptocurrency industry. (Cointelegraph)