.png){kind=logo}
CoinDCX co-founder and CEO, Sumit Gupta, has responded to media reports claiming that Coinbase is in the final stages of negotiations to acquire the Indian crypto exchange. Gupta dismissed these reports as mere rumors and clarified on the social platform X that CoinDCX is not for sale and remains focused on advancing the Indian crypto ecosystem.
This response follows a report by Mint, which suggested that Coinbase is willing to pay nearly $1 billion to acquire the platform.
Gupta's reaction came just two weeks after CoinDCX confirmed a $44.2 million hack affecting one of its operational wallets. When media reached out to CoinDCX regarding their "Neverland" tweet, the company directed them to Gupta's statement.
In the coverage of the potential acquisition, some sources indicated that Coinbase sees this move as a strategic opportunity to expand in the rapidly growing Indian crypto market.
Also Read: $44M CoinDCX Hack Traced to North Korea’s Lazarus Group, Same Date as WazirX Breach
On July 18, CoinDCX was hit by a massive cybersecurity attack, resulting in a loss of over $44 million worth of cryptocurrency. Soon after, CEO Sumit Gupta confirmed this based on alerts issued on the blockchain by on-chain investigator ZachXBT regarding illegal transactions on the platform. The company has stated that it will cover the total loss from its treasury to protect users.
CoinDCX launched a reward program to recover losses after the breach. The program rewards individuals who assist in tracing and recovering assets with up to 25% of the recovered amount, but the total payout will be capped at $11 million. Along with strengthening internal security, the broader crypto community is expected to help recover the lost funds through this initiative.
Coinbase is a registered company with India's Financial Intelligence Unit (FIU) and has expressed interest in expanding its operations in the region. In a March blog post, the Managing Director APAC stated that India presents a significant growth opportunity and that Coinbase may consider merging its current investment in CoinDCX and CoinSwitch.
However, according to insiders, there are no active talks about a merger, as suggested in several media reports. The exchange emphasized that it supports healthy competition and continues to back the crypto ecosystem in India.
