Indian Crypto Exchange CoinDCX Denies its Acquisition Talks by Coinbase

CoinDCX CEO denies $1 billion Coinbase acquisition rumors, refocusing on India despite a recent $44.2 million security breach.

Sampson Gideon•July 29, 2025

Following the report of acquisition talks, CoinDCX CEO Sumit Gupta refuted recent reports suggesting Coinbase might acquire the Indian cryptocurrency exchange for approximately $1 billion. Mint, an Indian news outlet, had previously reported “advanced discussions” between the two companies, citing anonymous sources.

Gupta directly addressed the speculation in an X post, assuring the public that the company would share further details later, while emphasizing its current commitment to operations within the Indian market.

Just got up and saw this news! 😅
Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale!
Will share more later but just wanted to clarify this upfront! https://t.co/4CqAf94GjT
— Sumit Gupta (CoinDCX) (@smtgpt) July 29, 2025

CoinDCX Denies Acquisition Talks with Coinbase

This denial arrives shortly after CoinDCX experienced a significant security breach on July 18, resulting in a $44.2 million loss. Attackers exploited an operational wallet through a server breach, compromising an internal account used for “liquidity provisions” with another exchange. The rapid execution of the attack allowed the hackers to drain the wallet within minutes.

Despite the substantial financial loss, Sumit Gupta, CEO of CoinDCX, assured users that no customer funds were affected by the exploit. He emphasized the robustness of CoinDCX’s security infrastructure, which ensured the segregation and protection of customer assets.

After a security problem, CoinDCX started a program that pays good hackers for finding and getting back stolen money. They can get up to 25% of the money they recover. This indicates that the company wants its stolen money back and wants to maintain the safety of its platform.

Post Hack Revelation

On July 20th, CoinTab reported that CoinDCX had disclosed a significant security issue, resulting in a $44 million loss. Hackers used an internal account to transfer money to another exchange. However, people are questioning whether the company was transparent about it.

At the same time, Coinbase appears to be expanding its business in India. The company signed up with India’s Financial Intelligence Unit in March. This suggests they want to work within India’s rules.

Around the world, Coinbase has been acquiring other companies to strengthen its market position. In May, Coinbase bought Deribit for $2.9 billion. This was to make Coinbase a top company in crypto trading.

Nonetheless, this month, Coinbase bought Liquifi, a platform for managing tokens for new projects. These purchases demonstrate Coinbase’s strategy to expand its services and adapt to the evolving world of cryptocurrency.