Sumit Gupta, CEO of Indian crypto exchange CoinDCX, recently refuted claims of acquisition talks with US-based crypto platform Coinbase. Reports emerged suggesting negotiations between the two companies, but Gupta dismissed these rumors in a post on X (formerly Twitter) on July 29.
Addressing the speculation, Gupta stated, “Ignore the rumours! CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale!”
Mridul Gupta, a co-founder of CoinDCX, also reiterated this stance, labeling the report as “false.” He emphasized the company’s commitment to expansion and talent recruitment across various departments.
Coinbase, the largest US-based crypto trading platform, re-entered the Indian market in March after halting operations in 2022 due to regulatory pressures. The company received approval from India’s Financial Intelligence Unit (FIU) to resume operations in the country.
Despite re-entering India, Coinbase has not disclosed any further plans for its operations in the region.
CoinDCX Security Breach
Following a $44 million security breach on CoinDCX, allegedly orchestrated by North Korea’s Lazarus Group, rumors of acquisition talks with Coinbase circulated.
Cyvers, a blockchain analytics firm, identified attack patterns consistent with previous Lazarus operations, involving cross-chain bridges and Tornado Cash to obscure fund flows.
The attackers likely exploited exposed API keys or misconfigured backend systems to transfer assets from the Solana blockchain to Ethereum and launder them anonymously.
In response, CoinDCX initiated an $11 million bounty program to recover assets, offering rewards to ethical hackers and researchers. The platform aims to engage the community in asset recovery efforts.
Despite the security breach, CoinDCX remains a prominent digital asset platform in India, managing over $161 million in customer assets and processing approximately $14 million in daily trading volume, according to CoinMarketCap data.