Mudrex Becomes First Crypto Platform to Fight Legal Battle to Ensure Investor Protection
August 30th, 2024 — Mudrex, a global crypto investment platform has secured an order in its favor against a network of fraudulent websites that have been illegally using Mudrex’s trademarks to deceive the public. The Delhi High court under the Honorable Justice, Ms Mini Puskarna has issued a directive on 23/08/2024 for the immediate takedown of 38 websites that were found to be exploiting Mudrex’s brand name to carry out scams and defraud innocent individuals.
Mudrex received numerous complaints from the public, who reported being lured into investing substantial sums of money on these fraudulent platforms. These websites promised users various work opportunities, such as completing Google reviews, and offered monetary rewards upon task completion. However, these promises were part of a broader scam designed to extract money, sensitive personal information, including Aadhar cards, PAN cards, bank statements, and property papers, from unsuspecting victims. Once these documents were obtained, the fraudsters ceased all communication, causing significant financial loss to these innocent individuals.
After becoming aware, Mudrex has taken proactive steps to protect its community by issuing advisories across its official social media channels and via email to its registered users, warning them of potential scams and fraudulent activities.
Moreover, Mudrex acted promptly by seeking an injunction to halt the fraudulent activities. The company’s legal team contended that the defendants had unlawfully exploited Mudrex’s trademarks, causing significant harm to innocent individuals by luring them into investing their hard-earned money through the misuse of Mudrex’s reputation and goodwill. Driven by a commitment to provide a safe and secure environment for its users, Mudrex approached the Hon’ble High Court of Delhi to obtain the necessary relief and protect its community.
The court, recognizing the severity of the situation and believing in Mudrex’s earnest efforts, has directed the defendants to take down the infringing websites within 48 hours of the order. If the defendants fail to comply, the court has empowered other relevant parties to block access to these websites immediately.
Commenting on this, Mr Edul Patel, CEO & Co-founder of Mudrex said, “We are committed to protecting our users and upholding the integrity of our brand. Most platforms in India face this issue, but we wanted to make sure it is addressed and solved for our users. Our focus remains on maintaining the trust of our users and reinforcing our commitment to a safe and reliable platform”.
Mudrex stands out as the first Virtual Asset Service Providers in India to actively pursue legal action to ensure consumer protection. By taking a strong stance against fraudulent activities and safeguarding its brand integrity, Mudrex underscores its commitment to protecting its users from scams and malicious schemes. This proactive approach not only highlights Mudrex’s leadership in the industry but also sets a precedent for other service providers in prioritizing the security and trust of their consumers.
About Mudrex
Launched in 2018, Mudrex has the vision of making crypto accessible to the masses so that ordinary investors can benefit from the massive wave of wealth creation. Founded by Edul Patel, Alankar Saxena, Rohit Goyal, Prince Arora the Y-Combinator backed enterprise has established a robust investing platform that can be used by both newcomers and seasoned investors. The US-headquartered and Bengaluru-based fintech startup aims to be the largest asset management platform for crypto.
