Last updated: 5 March 2025
Crypto Reporter
Shalini Nagarajan
India’s Enforcement Directorate (ED) has selected CoinDCX to oversee the management of seized digital assets, according to an announcement shared with Cryptonews. The move follows increased efforts to combat cryptocurrency-related financial crimes. Recent high-profile cases include the GainBitcoin and BitConnect scams.
As part of the collaboration, CoinDCX will provide a secure custody infrastructure to store and manage confiscated assets, the exchange said. Further, the exchange will implement security protocols to ensure asset protection.
“To ensure the highest level of protection for seized assets, we have deployed a specialized team armed with advanced security protocols,” said CoinDCX co-founder Sumit Gupta.
CBI and ED Seize Nearly $200M in Major Cryptocurrency Fraud Cases
Authorities have ramped up enforcement following large-scale cryptocurrency fraud cases. In the GainBitcoin case, the Central Bureau of Investigation (CBI) carried out searches across multiple cities. The investigation focused on an alleged multi-crore scam tied to a Bitcoin-based multi-level marketing scheme.
During these raids, the agency seized cryptocurrencies worth ₹23.94 crore (about $2.88m), along with documents and electronic devices that are currently being analyzed for evidence of financial misappropriation and cross-border transactions.
Similarly, in the BitConnect scam, the ED seized digital assets worth ₹1,646 crore (about $198m) last month. The scam defrauded investors worldwide. As a result, authorities raided multiple locations across Gujarat. They confiscated ₹13.50 lakh (around $16,250) in cash, an SUV and several digital devices.
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