CoinDCX CEO Denies Reports of a $900M Acquisition by Coinbase

CoinDCX CEO Sumit Gupta has refuted rumors of a possible $900 million buy of the platform by Coinbase.

The event follows a $44 million crypto hack that affected the Indian trade two weeks in the past.

$900M Coinbase Deal

On Monday, an Indian information outlet reported that Coinbase was in “superior discussions” to amass CoinDCX. Citing two nameless sources accustomed to the matter, the article had alleged that the deal can be value just below $900 million, a 60% low cost from its $2.2 billion valuation from three years in the past.

Nonetheless, CEO Gupta has since disproved the information through a July 29 X post: “Ignore the rumours! CoinDCX is ‘tremendous targeted’ on constructing for India’s crypto story and never up on the market!” He added that he’ll share extra particulars on the trade’s plans very quickly.

Based in 2018 by Gupta and Neeraj Khandelwal, CoinDCX grew to become India’s first crypto unicorn after being valued at $2.2 billion in 2022. The platform is backed by world heavyweights together with Coinbase Ventures, Polychain Capital, and B Capital Group.

The now-debunked reviews had claimed that Coinbase views the acquisition as a strategic funding to re-enter and develop within the Indian crypto market following its exit in 2023 resulting from regulatory challenges.

The trade paused UPI funds and buying and selling providers shortly after launching in India, resulting from stress from the Reserve Financial institution of India (RBI). The corporate later stopped providers for the area’s customers in 2023, however didn’t formally say it was leaving the nation. Following its registration with the Monetary Intelligence Unit (FIU) in March, Coinbase now has permission to supply crypto providers in India underneath native guidelines.

CoinDCX $44M Breach

On July 19, CoinCDX fell sufferer to a $44.2 million safety breach that focused certainly one of its inside operational wallets used for liquidity administration.

Blockchain investigator ZachXBT was the primary to boost an alarm about suspicious outflows practically 17 hours earlier than the agency issued a public assertion. Based on the on-chain sleuth, the attackers drained the pockets’s USDC and USDT tokens, then laundered the funds utilizing Solana-Ethereum bridges and Twister Money.

Gupta later assured customers that the platform’s safety methods ensured all buyer funds remained unaffected and safe in offline chilly storage. He defined that the incident was attributable to a classy server breach. Final week, CoinDCX additionally launched a restoration bounty program, providing white hat hackers as much as 25% of any funds they efficiently assist hint and get well.