CoinDCX Denies Coinbase Acquisition Rumors Amid Recovery from $44M Hack

CoinDCX Denies reports claiming it is in “advanced discussions” to be acquired by Coinbase for nearly $1 billion.

On Monday, Indian media outlet Mint reported that Coinbase was preparing to acquire CoinDCX, citing two unnamed sources familiar with the matter. However, CoinDCX CEO Sumit Gupta addressed the speculation directly on X (formerly Twitter) on Tuesday.

“Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale,” Gupta posted. “Will share more later, but just wanted to clarify this upfront!”

Before Gupta’s response, a Coinbase spokesperson told Cointelegraph that the company does not comment on “rumors or speculation.” They added:

“We have a bold mission to increase economic freedom in the world. We’re constantly exploring opportunities around the world to build, buy, partner, and invest to accelerate our roadmap.”

Source: Sumit Gupta

CoinDCX Denies Recovers from $44M Hack

This development comes just 11 days after CoinDCX suffered a major security breach. On July 18, attackers compromised an internal operational wallet and drained $44.2 million in minutes.

The attackers exploited one of the company’s internal accounts used for liquidity provisioning with another exchange. According to Gupta, no user funds were impacted, as CoinDCX’s multi-layered security ensured customer assets remained secure.

In response, the company launched a recovery bounty program. It offers white hat hackers up to 25% of any stolen funds they help recover.

Coinbase Expands Global Presence

Meanwhile, Coinbase continues to grow its international footprint. In March, the firm registered with India’s Financial Intelligence Unit, signaling growing interest in the Indian market.

Furthermore, Coinbase completed a $2.9 billion acquisition of Deribit in May. The move aims to position Coinbase as a key player in the crypto derivatives space. Earlier this month, it also acquired Liquifi, a platform focused on token management for early-stage builders.

Although Coinbase has been on an acquisition spree, CoinDCX maintains its independence, emphasizing its commitment to India’s crypto growth.