CoinDCX Not for Sale: Founder Sumit Gupta Denies Coinbase Acquisition Rumors Amid $44 Mn Hack Recovery
India’s leading cryptocurrency exchange CoinDCX has strongly denied recent reports that U.S.-based crypto giant Coinbase is in advanced talks to acquire the company. The clarification comes just weeks after CoinDCX was hit by a security breach resulting in a loss of $44 million.
In a post on social media platform X (formerly Twitter), Sumit Gupta, co-founder and CEO of CoinDCX, dismissed the acquisition rumors. He wrote, “Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale!”
This response follows a report by Mint that claimed Coinbase was in discussions to potentially acquire CoinDCX at a valuation lower than its peak of $2.2 billion, possibly even under $1 billion. The publication cited unnamed sources familiar with the matter.
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CoinDCX Reaffirms Its Commitment to the Indian Crypto Market
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has grown to become a unicorn in India’s crypto space. The platform enables users to trade a wide range of cryptocurrencies and digital assets, and currently claims to serve over 1.6 crore (16 million) users with access to more than 500 listed crypto assets.
CoinDCX has positioned itself as a crypto-first company focused on compliance, user education, and regulatory engagement in India. Gupta’s statement reaffirms the company’s long-term commitment to India’s Web3 ecosystem, especially at a time when crypto regulations in the country are still evolving.
The $44 Million Hack: A Critical Moment
The denial also comes on the heels of a major security incident where CoinDCX reported a $44 million hack involving compromised hot wallets. While details are still emerging, the company has taken measures to tighten security and reassure its users.
Despite the setback, Gupta stated that operations are stabilizing and that CoinDCX is investing in enhanced cybersecurity infrastructure to protect customer assets. The company has also been transparent with its users, regularly updating the community via social channels.
Coinbase’s India Strategy
Coinbase, on the other hand, has been active in exploring opportunities in India but has faced its own regulatory hurdles. The company launched services in India in 2022 but scaled them back shortly after due to challenges related to compliance and payments.
If a deal were to happen, it would represent a significant shift in Coinbase’s India strategy. However, with Gupta’s public denial, such a move now appears highly unlikely—at least in the near term.
Final Thoughts
While rumors of a potential Coinbase-CoinDCX acquisition sparked widespread speculation, CoinDCX has made its position clear: the company is not for sale and remains laser-focused on building India’s digital asset ecosystem. As the crypto market matures and regulatory clarity improves, Indian exchanges like CoinDCX are expected to play a crucial role in shaping the future of Web3 and blockchain adoption in the country.
Keywords: CoinDCX acquisition, Coinbase India, CoinDCX hack, Sumit Gupta CoinDCX, Indian crypto exchange, CoinDCX news, $44 million hack CoinDCX, Coinbase deal rumor, crypto startups India, CoinDCX valuation, Indian Web3 startups, cryptocurrency trading India
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