CoinDCX has slammed claims that Coinbase is on track to acquire it, with CEO Sumit Gupta, clarifying that the exchange is more focused on expansion.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Sumit Gupta, the CEO of Indian cryptocurrency exchange CoinDCX, has publicly debunked rumors of a potential buyout by Coinbase.
In his Tuesday X post, he outrightly told his followers to “Ignore the rumours.” This news comes right in the middle of CoinDCX’s recovery from a $44 million hack.
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
A local media report published by Mint earlier today stated that U.S. rival Coinbase Global Inc. (NASDAQ: COIN) plans to acquire CoinDCX.
Per the report, advanced conversations about the possible acquisition were already ongoing, with CoinDCX placed at a valuation of $1 billion. This is a far cry from the Indian exchange’s reported $2.2 billion valuation in 2022.
Mint’s sources went as far as reporting that Coinbase has already secured equity in both CoinDCX and rival CoinSwitch. On X, Gupta refuted the claims, emphasizing the local exchange’s India-focused strategy.
Co-founder and senior executive at CoinDCX, Mridul Gupta, also shared on X that the report is false.
The rumours are false. @CoinDCX is building from India for the world! 🇮🇳
We are also actively hiring across multiple roles! https://t.co/z2dcODuxZX
— Mridul Gupta (@mri_gup) July 29, 2025
He stated that the company’s focus was on expanding and recruiting talent across various departments, rather than planning an exit. Meanwhile, Coinbase has refused to make any direct comment on the matter at hand.
Instead, it stated that it has a bold mission to increase economic freedom in the world. To this end, Coinbase claimed that it is constantly exploring opportunities around the world to build, buy, partner, and invest to accelerate its roadmap.
About a week ago, Coinbase partnered with PNC Bank, America’s 7th-largest bank, to provide cryptocurrency trading and custody services directly through its platform. This move underscores its commitment to partnering and investing in the ecosystem.
Recently, CoinDCX fell victim to a $44 million security breach that targeted an operational wallet. Blockchain analytics firm Cyvers suspected that the attackers leveraged exposed API keys or misconfigured backend systems.
Once they gained control, it was easy to transfer assets from the Solana SOL $180.7 24h volatility: 2.8% Market cap: $97.33 B Vol. 24h: $6.48 B blockchain to Ethereum ETH $3 764 24h volatility: 0.7% Market cap: $455.04 B Vol. 24h: $31.92 B and even launder them anonymously.
The attack has been linked to North Korea’s Lazarus Group, citing consistent attack patterns as seen in the Bybit hack earlier this year. This includes the exploitation of cross-chain bridges and the use of Tornado Cash to obscure fund flows.
CoinDCX swung into action immediately, containing the exploit quickly before more harm was done. Crypto assets on the exchange remained untampered and safe in cold wallets.
In addition, CoinDCX launched an $11 million bounty initiative, which represents up to 25% of recovered assets.
With this bounty offer, CoinDCX aims to involve ethical hackers, researchers, and blockchain experts to help recover the stolen assets. Meanwhile, the hack has not stopped CoinDCX from ranking amongst India’s largest digital asset platforms. It still manages over $161 million in customer assets and processes up to $14 million in daily trading volume.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
