The CEO of the Indian cryptocurrency exchange CoinDCX has denied rumors that the company is negotiating to be acquired by Coinbase for nearly $1 billion.
Previously, the Mint news site reported that Coinbase was in "advanced negotiation stages" to acquire CoinDCX, citing two anonymous sources. However, CEO Sumit Gupta refuted on X on Tuesday: "Don't believe the rumors! CoinDCX is highly focused on its crypto journey in India and has no intention of selling itself."
A Coinbase spokesperson also declined to comment on the "rumors or speculation", but said the company is always seeking opportunities to build, acquire, collaborate, and invest globally to accelerate its development strategy.
This information emerged just 11 days after CoinDCX was hacked for $44.2 million on July 18, when an operational wallet was attacked and drained within minutes. According to Gupta, this wallet was used for liquidity provision with another exchange and was completely separate from customer wallets, so it did not affect user funds.
After the incident, CoinDCX announced a recovery reward program, offering up to 25% of the recovered amount to white hat hackers who help trace and recover assets.
Coinbase registered with India's Financial Intelligence Unit in March, indicating they may be preparing to expand operations in the world's most populous country.
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