Given the increase in crime related crimes in India, the Enforcement Directorate (ED) has partnered with COindcx, one of the largest crypto exchanges in India. The purpose of this collaboration is to ensure a strong and safe way for the seized Property Control. This step of ED and Coindcx is considered an important step to deal with financial frauds and crimes associated with cryptocurrency.
Coindcx’s security expertise
Crypto Exchange Coindcx, a major Crypto Exchange in Mumbai, has more than 7 years of experience in India. Under this partnership, Coindcx will appoint a special team, which will be equipped with the Advanced Security Protocol. In addition, the company will ensure that the storage and management of the seized assets are safely, so that any type of fraud or hacking can be avoided. According to Coindcx, they will use multi-cignature and multi-party computation (MPC) wallets.
Multi-signature wallets means that many keys will be required to remove the seized property, while Multi-Parthy Computation Wallets consist of different parts of private-keys on each device. The purpose of these security majority is to ensure that it does not fail at the same point, which reduces the risk of hacking. The possibility of financial crimes and the theft of cryptocurrency will be prevented to a great extent from this type of security majority. If you with coindcx security Coindcx account opening procedure If you want to know then click on the link
The purpose of collaboration between ED and Coindcx
The partnership has been made to prevent increasing Crypto Scams that have been seen in the Indian market in recent years. The ED recently conducted a large -scale search operation in Delhi, Jaipur and Mumbai, which exposed the ₹ 600 crore Crypto Fraud. During this operation, ED seized assets worth ₹ 2.18 crore, which was received from the mastermind of the scam, Chirag Tomar.
The purpose of this partnership is not just to take action together, but also to ensure the safety of investors in cases of cheating related to cryptocurrency through it. In this partnership, taking advantage of the experience and technical experts of Coindcx, the ED will now be able to securely store the seized digital assets, as well as ensure adherence to legal requirements.
Conclusion
This partnership between ED and Coindcx is an important step, which is a major step towards increasing transparency and security in the Indian Cryptocurrency Market. Although in India Cryptocurrency The popularity and fraud associated with it is increasing, but this partnership indicates that government agencies and private sectors together are working towards improving this space. This step can cause hope for crypto investors, as they are now getting a strong and technological advanced structure for the security of their assets.
