Coindcx CEO refuses reports from an acquisition of $ 900 million by Coinbase

Coindcx CEO Sumit Gupta has refuted rumors about a potential purchase of $ 900 million from the Platform by Coinbase.

The development follows a crypto -hack of $ 44 million that influenced the Indian stock exchange two weeks ago.

$ 900 million Coinbase deal

On Monday, an Indian news exit reported that Coinbase was in “advanced discussions” to acquire Coindcx. With reference to two anonymous sources that are familiar with the case, the article had claimed that the deal would be worth a little less than $ 900 million, a discount of 60% compared to the $ 2.2 billion rating from three years ago.

CEO Gupta has since refuted the news via a July 29 X after: “Ignore the rumors! Coindcx is ‘super -oriented’ on building the crypto story of India and not for sale!” He added that he will soon share more details about the plans of the stock exchange.

Coindcx, founded in 2018 by Gupta and Neeraj Khandelwal, became the first crypto -a horn of India after he was rated at $ 2.2 billion in 2022. The platform is supported by global heavyweights, including Coinbase Ventures, Polychain Capital and B Capital Group.

The now Debunk reports had claimed that Coinbase regards the acquisition as a strategic investment to re-introduce and expand it to the Indian cryptomarkt after the exit in 2023 due to legal challenges.

The stock market pauted UPI payments and trading services shortly after the launch in India, due to pressure from the reserve Bank of India (RBI). The company later stopped the services for the users of the region in 2023, but did not officially say that it left the country. After registration with the Financial Intelligence Unit (FIU) in March, Coinbase now has permission to offer crypto services in India under local rules.

Coindcx $ 44 million infringement

On July 19, Coincdx became the victim of a security breach of $ 44.2 million that focused on one of the internal operational portfolios used for liquidity management.

Blockchain researcher Zachxbt was the first to leave the suspect for almost 17 hours before the company made a public explanation. According to De Speurn Nipple on the chains, the attackers exhaustive The USDC and USDT tokens of the wallet and then the money white white with Solana-Ethereum bridges and Tornado-Contant money.

Gupta later assured Users that the security systems of the platform ensured that all customer funds remained unaffected and safe in offline cold storage. He explained that the incident was caused by an advanced infringement on the server. Last week, Coindcx also launched a Recovery Bounty program, which offers White Hat -Hackers up to 25% of all funds that successfully help trace and repair them.