CoinDCX CEO Sumit Gupta refutes $900M Coinbase sale rumors, emphasizing focus on building India’s Web3 ecosystem and crypto adoption.
CoinDCX CEO Sumit Gupta denies rumors of a prospective $900 million acquisition plan by Coinbase. The Indian crypto exchange was the victim of a $44 million crypto breach two weeks ago.
Earlier today, insider reports indicated that the American multinational corporation Coinbase attempted to acquire the platform at a 60% discount from its $2.2 billion valuation three years ago. Nevertheless, Gupta has refuted the allegations, asserting that their primary objective is to continue to develop India’s crypto growth narrative.
CoinDCX Refutes Rumors of Coinbase Acquisition
CoinDCX CEO Sumit Gupta denied the existence of any such development in the most recent clarification, following the rumors of a potential $900 million acquisition by Coinbase. In his most recent message on the X platform, Gupta stated that the company is not for sale. A sophisticated server attack two weeks ago resulted in a $44 million larceny at the Indian crypto exchange CoinDCX.
Sumit Gupta requested that the crypto community disregard the allegations, stating that he would provide additional information soon. Gupta composed the following:
“Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale! Heads down and super focused on Building. That’s what matters and takes us closer to our mission for India to be a global web3 superpower”.
Overcoming the Crypto Hack
The CoinDCX management has taken swift action to ensure that deposits and withdrawals are active for users, following the $44 million crypto larceny that occurred on July 19. Sumit Gupta issued an assurance message to consumers shortly after the hack:
“CoinDCC remains financially strong, fully operational, and firmly committed to building for the long term. For us, it’s business as usual”.
This was another theft incident for an Indian crypto exchange, following the significant $240 WazirX crypto breach in mid-2024 last year. Security intrusion incidents are also rising as the Indian crypto landscape evolves. CoinDCX is presently one of the most prominent cryptocurrency exchanges in India.
Coinbase’s Expansion into India
Reports surfaced earlier this year that Coinbase is contemplating a return to the Indian crypto industry in response to the increasing demand from retail customers. The American exchange could have gained a significant advantage if the acquisition reported had been accurate. While Coinbase did not issue an official statement, a spokesperson advised LiveMint:
“We have a bold mission to increase economic freedom globally, and continuously explore opportunities around the world to build, buy, partner, and invest to accelerate our roadmap”.
The COIN stock has increased by 48% year-to-date, and Coinbase is presently experiencing robust performance in the United States. Additionally, the exchange seeks to obtain an EU license to broaden its presence in the region.