CoinDCX halts cryptocurrency withdrawals, CEO says ‘crypto winter is here’

The plummeting of the market and loss of billions of dollars from the market have influenced the crypto-based companies to take hard decisions and be hostile to survive the market situations. Many renowned crypto exchanges, such as Coinbase, are resorting to the termination of employees to cut costs.  Many of the crypto companies have gone ahead to freeze the accounts of the customers. One such company, CoinDCX, went on to halt cryptocurrency withdrawals and remarked that the situation of the market had influenced the company to take a harsh decision.

Indian Investors fear the decision taken by the crypto exchange platform

The decision to halt the withdrawal process by the crypto exchange CoinDCX did not go down well with the Indian investors in particular. The decision stoked fears among investors, who are already facing the heat from the crypto market explosion.

The declining market and no backing from the government have all added up to cause unwanted pressure on the Indian investors of crypto. But, to calm the investors down, CoinDCX issued an official statement which read that there is nothing to worry about and that the funds are completely safe with them.

Words of the CEO and co-founder of the CoinDCX, Sumit Gupta

The CEO and founder of the crypto exchange CoinDCX, Sumit Gupta, revealed that the company is backed by investors scattered globally. He also revealed that the investors believe in the vision of the company. He went on to add that the company envisions building the next-gen of crypto in India with the DCX ventures, trading, and investment platform in a more secure and compliant manner.

Sumit Gupta about the effects of Crypto Winter

Sumit Gupta revealed that the market is in a bearish condition and is in a tough phase. He said that the deadly crypto winter is here. The prestigious projects that the investors had faith in have started to look shaky. As in times of adversity, true warriors prevail. He also said that there is nothing to worry about in the market situation. He claimed that the funds in the company were completely secure and safe. The crypto winter will have no impact on the mission and vision of the company. He frimly believes that India has great potential to be a crypto hub in the future, and his company will be in the quest to make India a key player in the crypto ecosystem.

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