India’s largest crypto exchange, CoinDCX, is shutting down speculation that it’s being sold despite recent reports suggesting Coinbase was eyeing a takeover. On July 29, CEO Sumit Gupta took to X (formerly Twitter) to set the record straight:
“Ignore the rumours! CoinDCX is not up for sale.”
His post was quickly echoed by the exchange’s founding team, all emphasizing that their focus remains on building and innovating within the Indian market.
Where Did the Rumor Come From?
The acquisition buzz started after a local Indian media outlet reported that Coinbase—which already holds a stake in CoinDCX and competitor CoinSwitch—was looking to buy out CoinDCX to strengthen its presence in India. The report suggested that the deal would have valued CoinDCX at under $1 billion, a significant drop from its $2.2 billion valuation in 2021.
The timing raised eyebrows, coming just days after CoinDCX suffered a $44 million hack, leading many to speculate whether financial pressure was pushing the exchange toward a sale.
CoinDCX Hack: What Happened?
On July 19, CoinDCX was hit by a security breach involving one of its partner exchanges. Roughly $44 million in assets were stolen from an internal wallet, though the company later confirmed that user funds remained untouched and losses were covered using treasury reserves.
The attackers used mixing services like Tornado Cash and cross-chain bridges to obscure the funds’ movement making recovery efforts extremely difficult. CoinDCX has since launched a recovery initiative, offering a 25% bounty on any funds returned. Two wallets linked to the attackers containing over 155,000 SOL and 4,400 ETH remain under surveillance.
Despite the breach, CoinDCX insists it’s not on the market. Whether this is due to rejecting a lowball offeror if the rumored talks with Coinbase never happened in the first place is still unclear.
Coinbase’s Renewed India Interest?
Coinbase, which briefly entered the Indian market in 2022, has shown renewed interest after securing a Financial Intelligence Unit (FIU) license in March. That move sparked renewed speculation about its plans in the region and fueled rumors of a deeper expansion via acquisition.
But for now, CoinDCX seems determined to continue independently. The leadership’s united public stance signals that the company is holding its ground and choosing to double down on its domestic mission.
Bottom Line
CoinDCX is pushing back hard against sale rumors, even amid post-hack scrutiny and valuation speculation. While Coinbase may still be interested in expanding its footprint in India, for now, CoinDCX is sending a clear message: it’s here to stay and not for sale.
