CoinDCX CEO Firmly Rejects $900 Million Coinbase Acquisition Reports
- CoinDCX CEO Sumit Gupta publicly denied rumours of a $900 million acquisition deal by Coinbase.
- The acquisition speculation emerged following a major security breach in July, where CoinDCX lost $44 million in stolen digital assets.
The management of CoinDCX has vehemently rejected the rumours of a possible acquisition by the American cryptocurrency giant Coinbase. CEO Sumit Gupta denied publicly that the Indian exchange was in talks of a $900 million acquisition deal. The rumours came after a major security breach, which resulted in the platform losing $44 million in stolen digital assets in the recent past.
Industry sources had hinted that Coinbase was scouting to buy CoinDCX at a much lower valuation. The deal was said to have been offered at a 60% discount to the Indian platform compared to its 2022 valuation of $2.2 billion. Gupta, however, refuted these allegations categorically using his official social media accounts, and the company is committed to independence.
On the above matter, Neeraj Khandelwal stated that users should ignore the rumours because Coindcx is focused on building for the community.
Leadership Maintains Focus on Indian Market Growth
Gupta spoke directly to the crypto community and encouraged them to ignore the unsubstantiated acquisition speculation that was being spread in the financial press. He stressed that CoinDCX will continue to work toward increasing the presence of India in the global Web3 ecosystem without foreign ownership. The CEO emphasized that his team was fully committed to developing new solutions for Indian cryptocurrency users and investors.
These rumours come at a time when CoinDCX has been facing cybersecurity issues, such as a complex server attack on July 19. The hack saw about $44 million worth of crypto stolen out of the security systems of the platform. Nonetheless, Gupta reassured the users that normal deposit and withdrawal activities have been restored successfully on all services.
Furthermore, CoinDCX is not the only Indian exchange with security issues, as WazirX was hacked in 2024 and lost $240 million. Such cases demonstrate the increasing cybersecurity issues in the fast-growing digital asset trading industry and the regulatory framework in India.
Despite these hurdles, CoinDCX remains one of the most popular cryptocurrency exchanges in India and serves millions of customers in the subcontinent.
In the meantime, Coinbase keeps investigating the possibility of international expansion, especially in those markets where the rate of retail cryptocurrency adoption is on the rise. The American exchange has shown interest in returning to the Indian profitable market in a number of strategic alliances or investments. Nevertheless, the possibility of cooperation between these two giant platforms is only speculative, as there is no official confirmation of such cooperation.
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CoinDCX Hack Investigation Takes a Dramatic “Inside Job” Turn
CoinDCX CEO Firmly Rejects $900 Million Coinbase Acquisition Reports
- CoinDCX CEO Sumit Gupta publicly denied rumours of a $900 million acquisition deal by Coinbase.
- The acquisition speculation emerged following a major security breach in July, where CoinDCX lost $44 million in stolen digital assets.
The management of CoinDCX has vehemently rejected the rumours of a possible acquisition by the American cryptocurrency giant Coinbase. CEO Sumit Gupta denied publicly that the Indian exchange was in talks of a $900 million acquisition deal. The rumours came after a major security breach, which resulted in the platform losing $44 million in stolen digital assets in the recent past.
Industry sources had hinted that Coinbase was scouting to buy CoinDCX at a much lower valuation. The deal was said to have been offered at a 60% discount to the Indian platform compared to its 2022 valuation of $2.2 billion. Gupta, however, refuted these allegations categorically using his official social media accounts, and the company is committed to independence.
On the above matter, Neeraj Khandelwal stated that users should ignore the rumours because Coindcx is focused on building for the community.
Leadership Maintains Focus on Indian Market Growth
Gupta spoke directly to the crypto community and encouraged them to ignore the unsubstantiated acquisition speculation that was being spread in the financial press. He stressed that CoinDCX will continue to work toward increasing the presence of India in the global Web3 ecosystem without foreign ownership. The CEO emphasized that his team was fully committed to developing new solutions for Indian cryptocurrency users and investors.
These rumours come at a time when CoinDCX has been facing cybersecurity issues, such as a complex server attack on July 19. The hack saw about $44 million worth of crypto stolen out of the security systems of the platform. Nonetheless, Gupta reassured the users that normal deposit and withdrawal activities have been restored successfully on all services.
Furthermore, CoinDCX is not the only Indian exchange with security issues, as WazirX was hacked in 2024 and lost $240 million. Such cases demonstrate the increasing cybersecurity issues in the fast-growing digital asset trading industry and the regulatory framework in India.
Despite these hurdles, CoinDCX remains one of the most popular cryptocurrency exchanges in India and serves millions of customers in the subcontinent.
In the meantime, Coinbase keeps investigating the possibility of international expansion, especially in those markets where the rate of retail cryptocurrency adoption is on the rise. The American exchange has shown interest in returning to the Indian profitable market in a number of strategic alliances or investments. Nevertheless, the possibility of cooperation between these two giant platforms is only speculative, as there is no official confirmation of such cooperation.
Highlighted Crypto News Today:
Read More