CoinDCX denies rumors of exchange takeover by Coinbase after $44 million hack

Indian media claimed that the CoinDCX purchase amount was around $1 billion

CoinDCX exchange denies rumors of a deal with Coinbase after $44 million hack

29.07.2025 - 13:05

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3 min

What’s new? The CEO of Indian crypto exchange CoinDCX, Sumit Gupta, has denied information about negotiations about its sale to the leading US crypto exchange Coinbase for almost $1 billion. Earlier, an article with such a statement was published by the local publication Mint, citing two anonymous sources.

Source: X.com

What else is known?

”Ignore the rumours! CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale,” Gupta wrote on his X page.

On July 18, CoinDCX was attacked, resulting in a loss of $44,2 million. Hackers who gained access to the exchange’s operational wallet through a server hack emptied it in minutes. Thus, one of CoinDCX’s internal accounts, which was used to provide liquidity on another exchange, was affected.

Authorities in India have seized $327 000 worth of cryptocurrencies from a participant in an international fraud scheme

The assets were earned by defrauding US and Canadian citizens

According to Gupta, the attack did not affect user funds, as CoinDCX’s security system guarantees their safety.

Last week, CoinDCX introduced a bounty program that offers white-hat hackers up to 25% of the funds that they can track down and recover.

According to Cyvers, hackers from North Korea’s Lazarus Group were behind the CoinDCX hack, which funnels stolen funds to finance the government’s weapons program.

Czech central bank has invested $18,1 million in shares of Coinbase during Q2

The regulator bought securities of the leading US crypto exchange for the first time

Before Gupta’s denial, a Coinbase spokesperson told Cointelegraph that the company would not comment on “rumors and speculation.”

“We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap,” Coinbase added.

Notably, Coinbase registered with the Financial Intelligence Authority of India in March. This indicates its intention to expand its presence in the world’s most populous country.

In May, Coinbase completed a deal to buy leading crypto derivatives exchange Deribit for $2,9 billion in cash and stock. Earlier this month, Coinbase bought Liquifi, a token management platform for early-stage blockchain developers.

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