CoinDCX CEO Denies Rumors of Acquisition by Coinbase
Sumit Gupta, CEO of CoinDCX, denied rumors of a potential buyout by Coinbase. He stated, "Ignore the rumours," emphasizing CoinDCX's focus on building in India.
Key Points
- Gupta's comments came amid CoinDCX's recovery from a $44 million hack.
- A report by Mint suggested Coinbase is in advanced talks to acquire CoinDCX, valuing it at $1 billion, down from its 2022 valuation of $2.2 billion.
- CoinDCX executives refuted the acquisition claims, stating their strategy is focused on growth and talent recruitment.
- Coinbase has not commented directly but mentioned exploring global opportunities for partnerships and investments.
- Recently, Coinbase partnered with PNC Bank to offer cryptocurrency services.
About the $44 Million Breach
- CoinDCX suffered a security breach involving an operational wallet, linked to North Korea’s Lazarus Group.
- The attackers exploited misconfigured systems and transferred assets across blockchains.
- CoinDCX quickly contained the situation, ensuring customer assets remained secure.
- The exchange launched an $11 million bounty to recover stolen assets, involving ethical hackers and researchers.
- Despite the incident, CoinDCX remains one of India's largest digital asset platforms, managing over $161 million in customer assets with a daily trading volume of $14 million.