Gautam Gambhir Defends Crypto Amidst Criticism

Gambhir Swings at Crypto Haters: 20 Million Indians Can't Be Wrong

Gautam Gambhir, former Indian cricketer and current cricket coach, has entered the crypto debate, responding to critics who dismiss cryptocurrency as a mere "fad." His defense centers on the significant number of Indian crypto users, citing CoinDCX's reported user base of over 20 million.

Gambhir's Support for CoinDCX

Gambhir's tweet on X highlighted the substantial adoption of crypto in India. He tagged CoinDCX, a leading Indian crypto exchange for which he serves as a brand ambassador. However, community notes pointed out a lack of mandated disclosures in his past promotional activities.

India's Crypto Landscape: Adoption vs. Regulation

India ranks high globally in crypto adoption, according to Chainalysis. Despite this enthusiasm, the regulatory landscape remains uncertain, even with a stringent taxation system for crypto assets.

CoinDCX Faces Challenges

CoinDCX recently experienced a security breach, with on-chain sleuth ZachXBT reporting a loss of approximately $44.2 million. This incident followed a similar hack of another Indian exchange, WazirX, the previous year. CoinDCX CEO Sumit Gupta acknowledged the attack, assuring users that customer funds were unaffected and that the losses would be covered by the exchange's treasury. A recovery bounty program offering up to 25% of recovered funds has been launched, along with a police investigation.

Confidence-Building Measures

CoinDCX's continued promotion, including Gambhir's advocacy, seems to be an attempt to rebuild confidence following the security incident.

Key Takeaways:

• Gautam Gambhir defends crypto's legitimacy based on widespread Indian adoption.
• India is a major crypto market, but faces regulatory hurdles.
• CoinDCX is working to restore trust after a significant security breach.