‘Ignore the Rumors’ Says CoinDCX CEO on $900 Million Coinbase Acquisition Plan
Highlights
- CoinDCX CEO Sumit Gupta said that the exchange is "not up for sale."
- Two weeks ago, CoinDCX suffered a $44 million crypto theft via a sophisticated server attack.
- Gupta has said that the exchange remains financially strong, operational, and committed to user access.
CoinDCX CEO Sumit Gupta denies rumors of a potential $900 million Coinbase acquisition plan. Two weeks ago, the Indian crypto exchange suffered a $44 million crypto hack. Insider reports earlier today suggested that American giant Coinbase is bidding to acquire the platform at 60% discount from $2.2 billion valuation three years ago. However, Gupta has denied the rumors, stating that they remain focused on building India’s crypto growth story.
CoinDCX Denies Claims of Coinbase Acquisition
Following the rumors of $900 million potential acquisition by Coinbase, CoinDCX CEO Sumit Gupta denied any such development in the latest clarification. In his latest message on the X platform, Gupta wrote that the company is not up for sale. Indian crypto exchange CoinDCX suffered a $44 million theft two weeks ago in a sophisticated server attack.
Sumit Gupta asked the crypto community to ‘Ignore the rumors’, while noting that he will share more details regarding it very soon. Gupta wrote:
“Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale! Heads down and super focused on Building. That’s what matters and takes us closer to our mission for India to be a global web3 superpower”.
Overcoming the Crypto Hack
After suffering $44 million crypto theft on July 19, the CoinDCX management has initiated swift action, while trying to make sure that deposits and withdrawals are active for users. In his assurance message to users soon after the hack, Sumit Gupta wrote:
“CoinDCC emains financially strong, fully operational, and firmly committed to building for the long term. For us, it’s business as usual”.
This was yet another theft incident for an Indian crypto exchange after the massive $240 WazirX crypto hack last year in mid-2024. With the Indian crypto landscape evolving, security breach incidents are also on the rise. CoinDCX ranks among the top crypto exchanges currently in India.
Coinbase On India Expansion
Earlier this year, reports emerged that Coinbase is planning to re-enter India’s crypto industry, amid rising retail demand. If the acquisition reported has turned out to be true, it could have given the American exchange a major advantage. Although there was no official statement from Coinbase, one spokesperson told LiveMint:
“We have a bold mission to increase economic freedom globally, and continuously explore opportunities around the world to build, buy, partner, and invest to accelerate our roadmap”.
Coinbase is currently on a strong footing in the US with the COIN stock up 48% year-to-date. Furthermore, the exchange is looking to secure EU license to expand its base in the region.
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