CoinDCX Denies Acquisition Rumors as Coinbase Reportedly Plans Discounted Buyout
Highlights:
- CoinDCX has denied any plans to sell after reports linked Coinbase to a possible discounted acquisition deal.
- The exchange lost funds in a hack but confirmed user funds are safe and services remain active.
- Coinbase holds stakes in Indian exchanges and aims to grow in India after securing clearance.
CoinDCX has publicly denied reports linking the exchange to a potential takeover by U.S.-based crypto giant Coinbase. CEO Sumit Gupta confirmed the allegations in a post on the X platform, clarifying that CoinDCX has no intention of being sold and is still committed to building on the Indian crypto ecosystem. He requested the community to disregard the speculating rumors and promised that more information would follow. Gupta affirmed that the company will hold to its vision of assisting India to play a part in the global Web3 world.
CoinDCX Co-Founder Responds to Acquisition Rumors: Focused on Indian Crypto Market, Not Considering Sale
According to HashNews, CoinDCX co-founder Sumit Gupta addressed the rumors about Coinbase's potential acquisition of CoinDCX on the X platform. Sumit Gupta stated that…
— HashNews👩🏻🌾 (@HashNews01) July 29, 2025
His response followed media reports suggesting that Coinbase was in advanced talks to acquire CoinDCX at a discounted valuation. Livemint reported that Coinbase could purchase the Indian exchange at under $900 million. This figure represents a steep decline from CoinDCX’s $2.2 billion valuation during the 2021 crypto bull run. Two individuals familiar with the discussions claimed the acquisition would allow Coinbase to strengthen its long-term position in India.
Coinbase already owns stakes in CoinDCX and its local competitor, CoinSwitch. Following some operational issues in 2022, Coinbase shut down its operations for Indian users. However, it did not leave the market. The company subsequently obtained registration with the Financial Intelligence Unit in March last year and was able to resume its trading service in India.
Security Concerns Rise After $44 Million CoinDCX Hack
CoinDCX was hit with a $44 million crypto heist after one of its internal wallets was compromised. The hacked wallet was utilized to supply the liquidity to the trade, and no customer funds were compromised during the breach. The company instantly compensated for the loss with its treasury reserves and made sure that all user services were operational.
📢Hackers Steal $44M from CoinDCX Without Breaching User Walletshttps://t.co/VErsClo8ip News, cryptocurrency exchange CoinDCX suffered a hack resulting in a loss of $44 million. Confirmed reports indicate the attack did not compromise user wallets.
— Mlion Crypto News (@MlionNews) July 26, 2025
The compromise cast doubt on the security of exchanges in India, particularly when it followed a similar pattern to the WazirX hack. Cybersecurity researchers have linked CoinDCX to the Lazarus Group based in North Korea. The attackers reportedly used Tornado Cash and cross-chain bridges to conceal their activities. The tactics match methods seen in previous high-profile thefts.
CoinDCX introduced a bounty program to assist in recovering the stolen funds. The program offers up to 25% of any retrieved funds as a reward to individuals who help trace the assets. This could result in a payout of up to $11 million if the full amount is recovered.
CoinDCX Denies Acquisition Rumors Amid Coinbase’s Broader Strategy Moves
Coinbase has been investing in the Indian crypto market and other markets to broaden its reach. Coinbase has not yet issued a comment on the acquisition deal. Meanwhile, it has reaffirmed its continuing global strategy of international expansion via investments, acquisitions, and partnerships. The company recently acquired Deribit in a $2.9 billion deal and completed smaller transactions involving other crypto startups. Ashish Singhal, the co-founder of CoinSwitch, noted that there are no active negotiations regarding plans to merge with CoinDCX.
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Austin Mwendia
Austin Mwendia is a passionate crypto journalist with three years of experience. He has contributed to various media outlets, covering blockchain technology, market analysis, and financial trends. He is committed to educating readers and expanding the adoption of blockchain and decentralized finance.
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