CoinDCX CEO Denies Post-Hack Sale Rumors to Coinbase After $44M Breach

CoinDCX CEO Sumit Gupta has categorically dismissed speculation linking the Indian cryptocurrency exchange to a potential acquisition by U.S.-based Coinbase, following a $44 million security breach that shook the company’s operations. The rumors, which suggested a $900 million deal for CoinDCX—well below its 2022 peak valuation of $2.2 billion—were denied by Gupta in a public statement on X. “Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale!” he wrote, reinforcing the firm’s commitment to its domestic mission [1]. The CEO’s remarks came amid heightened scrutiny of the platform’s resilience after the hack, which targeted an internal wallet but did not alter the company’s strategic or ownership trajectory.

Coinbase, which has maintained a presence in India through its registration with the country’s Financial Intelligence Unit (FIU) and equity stakes in both CoinDCX and rival exchange CoinSwitch, has not confirmed or denied the acquisition claims. A spokesperson for the U.S. firm reiterated its policy of non-comment on market speculation while acknowledging its openness to “building, buying, or partnering globally.” The alleged interest in a discounted acquisition of CoinDCX aligns with Coinbase’s broader strategy to expand its footprint in emerging crypto markets, though the company’s silence on India-specific plans leaves the matter unresolved [1].

The denial by Gupta highlights CoinDCX’s determination to remain independent despite the financial and reputational fallout from the hack. The platform’s transparency in disclosing the $44 million loss and its $136 million annual revenue has been credited with preserving some level of market trust. Analysts note that while the breach is a setback, the firm’s refusal to entertain a sale underscores its focus on long-term growth in India, a market characterized by regulatory complexity and fierce competition. The company has also launched a 25% bounty program to incentivize hackers to identify vulnerabilities, signaling a proactive approach to strengthening its security infrastructure [1].

Coinbase’s muted response reflects the challenges of navigating India’s crypto landscape, where regulatory uncertainty and local competition complicate foreign expansion. The U.S. exchange’s existing investments in CoinDCX and CoinSwitch suggest a calculated effort to consolidate influence without overtly publicizing its strategies. However, the reported interest in a discounted acquisition of CoinDCX underscores the high stakes involved in securing a foothold in a market projected to grow as regulatory clarity emerges.

For now, the episode underscores the fragility of the crypto sector, where cybersecurity breaches and ownership rumors can rapidly reshape market perceptions. Investors and regulators are likely to monitor how CoinDCX rebuilds its credibility while Coinbase’s India strategy remains cloaked in ambiguity. The outcome may set a precedent for how major players navigate similar challenges in high-growth, yet volatile, markets [1].

Source: [1] CoinDCX CEO Denies Rumors of a Post-Hack Sale to Coinbase (https://coinedition.com/coindcx-ceo-denies-rumors-of-post-hack-sale-to-coinbase/)