CoinDCX Founder Denies Coinbase Acquisition Talks Following $44 Million Hack ► https://t.co/Bi8s2pinbB https://t.co/Bi8s2pinbB
CoinDCX quashes Coinbase buyout rumors following cyber heist https://t.co/PAjVzIYUcx
[COINDESK] CoinDCX Dismisses Report of Coinbase Acquisition Talks $COIN
Indian business daily Livemint reported on 29 July that Coinbase Global Inc. is in advanced negotiations to acquire Mumbai-based crypto exchange CoinDCX for less than US$1 billion, a steep discount to the company’s US$2.2 billion valuation three years ago. The deal would deepen Coinbase’s push into India, where it already holds minority stakes in CoinDCX and rival CoinSwitch and gained registration with the Financial Intelligence Unit in March. CoinDCX quickly rebutted the account. Co-founder and Chief Executive Officer Sumit Gupta said the exchange is "not up for sale" and remains focused on product development. CoinSwitch likewise stated it is not in merger talks with CoinDCX. Coinbase declined to comment on the reported discussions. The speculation comes less than two weeks after hackers siphoned about US$44 million from a CoinDCX operational wallet on 19 July. The exchange has pledged to cover the loss from its reserves and launched a bounty program offering up to 25 percent of any funds recovered. Analysts say the breach and tightening oversight could accelerate consolidation across India’s digital-asset sector.
