CoinDCX Denies $1 Billion Acquisition Rumors by Coinbase Amid Security Breach

Indian crypto exchange CoinDCX has denied media reports claiming that Coinbase is negotiating to acquire it for $1 billion. The platform’s founder and CEO, Sumit Gupta, called these reports rumors and emphasized that CoinDCX remains fully committed to developing the Indian crypto market. Sumit Gupta wrote on social media: ”Just got up and saw this news! Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale!” On July 28, Mint, citing anonymous sources, reported that Coinbase was discussing the purchase of CoinDCX. However, a Coinbase spokesperson declined to comment on “rumors and speculation,” adding that the company is “exploring opportunities” for global growth. The spokesperson told Cointelegraph, “Our ambitious mission is to expand economic freedom in the world. We are constantly exploring various opportunities, from new products and acquisitions to partnerships and investments, to accelerate the implementation of our strategy.” Why Did the Rumors Seem True? Coinbase is actively strengthening its position in the Indian market. In March, the platform registered with the Financial Intelligence Unit of India. Mint sources also noted that Coinbase already holds stakes in two major Indian crypto platforms: CoinDCX and CoinSwitch Kuber. In May, Coinbase acquired the largest derivatives exchange, Deribit, for $2.9 billion. In July, it also acquired the LiquiFi token management platform. These moves fueled speculation about a possible expansion via acquiring CoinDCX, which boasts a user base exceeding 14 million people. CoinDCX Security Incident On July 18, CoinDCX suffered a hack in which attackers stole $44.2 million by accessing the operating account used to provide liquidity on a partner platform. Sumit Gupta assured users that their funds remain safe. Shortly after the incident, CoinDCX launched a reward program for white-hat hackers, offering them 25% of any recovered cryptocurrency to incentivize fund recovery. On July 22, CoinDCX’s management issued an official statement regarding the incident, emphasizing that the exchange is financially stable and prepared to fully cover losses. The company noted that its annual revenue exceeds $132 million, and its treasury and corporate reserves are fully secured with strong investor support. Top managers added that recovery efforts are ongoing with assistance from Zero Shadow, Wormhole, and the Solana Foundation.