“CoinDCX Not for Sale”: CEO Shuts Down Coinbase Buyout Talks Amid Hack Speculation

India’s largest crypto alternate, CoinDCX, is on the middle of acquisition rumors from main crypto alternate Coinbase, however CEO Sumit Gupta has made one factor crystal clear: the corporate shouldn’t be on the market.

His public assertion on social platform X comes within the wake of hypothesis that U.S.-based Coinbase is searching for to purchase the Indian agency for $900 million, a pointy markdown from CoinDCX’s 2021 peak valuation of $2.2 billion.

Sumit Gupta Addresses the Rumors

Following a dangerous $44 million hack, stories surfaced suggesting Coinbase was in “superior talks” to amass CoinDCX at a big low cost. Nonetheless, Gupta wasted no time in shutting down the narrative.

“Ignore the rumors! CoinDCX is tremendous targeted on constructing for India’s crypto story and never up on the market,” Gupta wrote.

This agency rebuttal adopted mounting media protection primarily based on nameless sources claiming that Coinbase noticed the hack as an entry level into India’s rising crypto market.

COIN’s worth developments to the upside on the day by day chart. Supply: COINUSD on Tradingview 

Coinbase Retains Silent, However India Stays in Focus

Whereas CoinDCX has categorically denied the deal, Coinbase has neither confirmed nor denied the hypothesis. According to its ordinary coverage, a spokesperson mentioned the corporate doesn’t touch upon market rumors.

Nonetheless, Coinbase continues to reveal strategic curiosity in India. It’s registered with the Monetary Intelligence Unit (FIU) and holds stakes in each CoinDCX and competitor CoinSwitch.

Although Coinbase beforehand paused its India enlargement as a consequence of regulatory uncertainty, current actions counsel a renewed concentrate on the area.

Safety Breach and Market Affect

The $44 million breach, attributable to unauthorized entry to CoinDCX’s inside pockets, prompted issues concerning the firm’s resilience. CoinDCX responded swiftly, confirming that no buyer funds have been affected and launching an $11 million bounty program to hint the hackers.

Regardless of the setback, CoinDCX’s management stays assured. With over 13 million customers and a robust home presence, the alternate seems decided to keep up its independence, no matter market pressures or acquisition buzz.

Cowl picture from ChatGPT, chart from Tradingview

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