The Indian cryptocurrency exchange CoinDCX has officially denied reports of a potential sale of the company to the American exchange Coinbase for around $1 billion. This was stated by CoinDCX CEO Sumit Gupta, who emphasized that the company is not engaged in any sale negotiations and is focused on developing its own platform and ensuring user security.
This is reported by Business • Media
CoinDCX Denies Sale Rumors Following High-Profile Incident
Rumors of a deal between CoinDCX and Coinbase began to circulate after a publication in Mint, which mentioned “advanced negotiations” between the two companies. However, Sumit Gupta stressed that no agreements exist, and CoinDCX remains fully committed to the Indian market.
“Don’t pay attention to the rumors! CoinDCX is ‘fully focused’ on developing India’s crypto story and is not for sale.”
The information about a potential sale emerged less than two weeks after a high-profile hack of CoinDCX, during which $44.2 million was stolen. The attackers gained access to the exchange’s operational wallet and withdrew significant funds by exploiting an internal account that provided liquidity through another platform.
According to Sumit Gupta, customer funds remained untouched thanks to CoinDCX’s robust security system. In response to the incident, the company has implemented a reward program for “white hat” hackers: those who help track and recover lost cryptocurrencies are offered up to 25% of the recovered funds.
Coinbase’s Activity in the Indian Market and Recent Acquisitions
Despite the denial of rumors, it is worth noting that Coinbase registered with India’s Financial Intelligence Unit back in March. This may indicate the American company’s strategic interest in expanding its presence in the world’s most populous country.
Additionally, Coinbase continues to actively acquire cryptocurrency startups. In May, the company completed its acquisition of Deribit for $2.9 billion, and by July, it announced the purchase of the Liquifi platform—a token management service designed for early-stage blockchain developers.
Currently, CoinDCX states that its main focus is on enhancing security and rebuilding trust following the recent hack, rather than seeking potential buyers or engaging in merger negotiations.