A security breach was recently reported at WazirX. This news might be alarming to all CoinSwitch users and crypto traders across India.
We want to assure all our users that your funds and crypto holdings on the CoinSwitch platform are safe and secure.
At CoinSwitch, we proactively prioritize security. We have implemented multiple safety measures and security protocols to safeguard users and their cryptos, understanding that security is of the utmost importance.
From user-specific PIN and 2FA (Two-Factor Authentication) to control access to the app, to SSL (Secure Sockets Layer) and TLS (Transport Layer Security) encryption protocols to protect user data and transactions, to multi-party computation (MPC) for the custodial wallets that secure users’ crypto, we have a comprehensive array of checks and guardrails in place to ensure users’ investment is as secure as it is seamless on CoinSwitch.
The safety measures ensure the users’ crypto holdings, data, CoinSwitch app, servers, and servers are safeguarded from hacks and attacks. You can read a detailed blog about all the measures we have in place here.
In addition to security measures, we also maintain a Proof of Reserve (PoR) to cover all user redemptions. The latest report places CoinSwitch’s total holdings as greater than its users’ holdings (numbers as of March 31, 2024, 24:00 hrs IST):
- Total Customer Holdings (Crypto + INR): Rs 2,774.10 crore
- Total CoinSwitch Holdings (Crypto + INR): Rs 3,497.22 crore
This means CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances, ensuring all users can fully redeem their cryptos at any time, even in extreme scenarios.
You can read a detailed blog outlining the CoinSwitch composition of Proof of Reserves here.
With the recent news and events, the crypto markets are volatile. Hence, we advise caution while trading. As always, DYOR!
