CoinDCX CEO Sumit Gupta has firmly denied media reports claiming that Coinbase is in advanced talks to acquire the Indian crypto exchange for approximately $900 million. Responding on X (Twitter), Gupta stated: “Ignore the rumours! CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale!”
Background: The Rumor and the Response
- Local reports suggested Coinbase considered a discounted acquisition of CoinDCX—valued under $1 billion—just weeks after the platform suffered a $44 million security breach. The valuation was significantly lower than its 2022 peak of $2.2 billion
- Investors like Coinbase Ventures had held equity in both CoinDCX and rival CoinSwitch, fueling speculation about consolidation in India’s crypto market
- Coinbase declined to confirm or deny the alleged talks, stating that it does not comment on market rumours but continues to explore global partnerships, investments, and market entry plans
🛡️ Post-hack Recovery & Strategic Focus
- CoinDCX recently faced a major operational setback when an internal wallet used for liquidity operations was hacked, resulting in a loss of $44 million, though all customer funds remained secure in cold storage
- The exchange has launched a recovery bounty program offering up to 25% of recovered funds (up to ~$11 million) for white-hat hackers. It has also accelerated security audits and infrastructure improvements
- Despite the breach, leadership reaffirmed commitment to India’s crypto ecosystem, indicating priority is on expansion over any exit strategy
✅ Why This Matters
| Key Area | Why It’s Important |
|---|---|
| Strategic Independence | CEO reaffirmation of independence reassures investors amid valuation concerns. |
| Post-Crisis Messaging | Clear denial helps refocus attention on recovery and product roadmap. |
| Market Positioning | CoinDCX signals long-term belief in India’s underserved crypto potential. |
