{"id":491634,"date":"2025-07-29T12:14:16","date_gmt":"2025-07-29T11:14:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=491634"},"modified":"2025-07-29T12:14:16","modified_gmt":"2025-07-29T11:14:16","slug":"coindcx-quashes-coinbase-buyout-rumors-following-cyber-heist","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coindcx-quashes-coinbase-buyout-rumors-following-cyber-heist\/","title":{"rendered":"CoinDCX quashes Coinbase buyout rumors following cyber heist"},"content":{"rendered":"

Sumit Gupta, CEO of Indian crypto exchange CoinDCX, has publicly denied reports suggesting the company is in acquisition talks with US-based crypto platform Coinbase<\/a>.<\/p>\n

The speculation emerged after a Livemint report claimed that negotiations were underway between the two crypto trading platforms.<\/p>\n

However, Gupta quickly dismissed the claims in a July 29 post on X (formerly Twitter), saying<\/a>:<\/p>\n

“Ignore the rumours! CoinDCX is ‘super focused' on building for India's crypto story and not up for sale!”<\/p><\/blockquote>\n

Mridul Gupta, a co-founder and senior executive at CoinDCX, also shared<\/a> this view and labeled the report “false.” He noted that rather than planning an exit, the company is actively expanding and recruiting talent across various departments.<\/p>\n

Coinbase is the largest US-based crypto trading platform. The firm halted its Indian operations in 2022<\/a> under regulatory pressure. re-entered India in March<\/a> after it secured a key regulatory nod from India\u2019s Financial Intelligence Unit (FIU).<\/p>\n

Since then, the exchange has made no further announcements about its plan for the Asian country.<\/p>\n

CoinDCX security breach<\/h2>\n

The rumors surfaced after a $44 million security breach on CoinDCX, allegedly orchestrated by North Korea's Lazarus Group.<\/a><\/p>\n

Blockchain analytics firm Cyvers identified attack patterns consistent with previous Lazarus operations, including cross-chain bridges and Tornado Cash to obscure fund flows.<\/p>\n

According to Cyvers, the attackers likely exploited exposed API keys or misconfigured backend systems, allowing them to transfer assets from the Solana blockchain to Ethereum and launder them anonymously.<\/p>\n

In response to the exploit, CoinDCX introduced an $11 million bounty initiative offering up to 25% of recovered assets. The program aims to engage ethical hackers, researchers, and blockchain firms in asset recovery efforts.<\/p>\n

Despite this attack, CoinDCX remains one of India's largest digital asset platforms, managing over $161 million in customer assets and processing around $14 million in daily trading volume, according to CoinMarketCap data<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sumit Gupta, CEO of Indian crypto exchange CoinDCX, has publicly denied reports suggesting the company is in acquisition talks with US-based crypto platform Coinbase. The speculation emerged after a Livemint report claimed that negotiations were underway between the two crypto trading platforms. 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