Key Takeaways
- CoinDCX CEO denied reports of being in advanced talks with Coinbase for a nearly $1B acquisition.
- The denial followed a $44M breach at CoinDCX, with no customer funds lost.
- Coinbase recently expanded its global footprint through new acquisitions and Indian registration.
Indian crypto exchange CoinDCX has firmly denied media speculation that it’s in “advanced discussions” to be acquired by Coinbase for close to $1 billion.
CEO Sumit Gupta used X to reaffirm that the exchange remains independently focused on strengthening India’s crypto infrastructure.
CoinDCX Recovers from Major Hack
CoinDCX suffered a $44.2 million breach on July 18 after attackers exploited an internal liquidity provision wallet.
Despite the scale, CoinDCX assured users that customer funds were untouched due to its secure fund isolation practices. The platform also launched a white-hat bounty program offering up to 25% of recovered funds.
Coinbase’s Acquisition Push
Coinbase has been actively expanding via acquisitions. In May, it completed its $2.9 billion purchase of derivatives platform Deribit.
It soon followed with the acquisition of Liquifi, a token-management startup, signaling its intent to strengthen global reach—though not in India, as CoinDCX clarifies.
Final Thoughts
CoinDCX’s public denial underscores its autonomy and ambition in India’s growing crypto market. Meanwhile, Coinbase continues to grow internationally—just not through CoinDCX. Both companies are positioning themselves strategically but independently moving forward.
Frequently Asked Questions
Is CoinDCX selling to Coinbase?
No. CEO Sumit Gupta has officially dismissed those rumors.
Was user money affected by the hack?
No. The breach impacted internal wallets only; user funds were secure.
Is Coinbase expanding into India?
Coinbase is registered with India’s Financial Intelligence Unit, showing interest, but no acquisition occurred.
