The CEO of Indian cryptocurrency exchange CoinDCX, Sumit Gupta, has shut down rumours that U.S.-based crypto giant Coinbase is acquiring the firm in a deal worth nearly $1 billion.
Gupta took to X on Tuesday to dismiss the claims, calling them baseless.
“Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale,”
he posted, adding that more clarity would be shared in due time.
Just got up and saw this news! 😅
Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale!
Will share more later but just wanted to clarify this upfront! https://t.co/4CqAf94GjT
— Sumit Gupta (CoinDCX) (@smtgpt) July 29, 2025
His response follows a Monday report by Indian media outlet LiveMint, which cited anonymous sources alleging that Coinbase was in “advanced discussions” to acquire CoinDCX. However, Gupta’s statement made it clear that no such deal is on the table.
The denial comes just days after CoinDCX faced a major security breach. On July 18, the exchange was hit with a $44.2 million hack after attackers infiltrated an operational wallet linked to liquidity operations with another exchange. CoinDCX confirmed that user funds were not impacted, thanks to protective security measures in place.
In the aftermath of the exploit, the company rolled out a recovery bounty program, offering ethical hackers up to 25% of any funds they help recover from the incident.
Coinbase, meanwhile, has been actively expanding its global footprint. The U.S. firm registered with India’s Financial Intelligence Unit earlier this year—a move widely interpreted as a signal of its growing interest in the Indian crypto market.
The acquisition buzz also follows Coinbase’s recent $2.9 billion acquisition of Deribit in May. The acquisition allowed Coinbase to expand into the profitable crypto derivatives market and continue scaling the platform’s global growth, Greg Tusar, Coinbase’s vice president of institutional product, said in the announcement. Additionally, Coinbase acquired Liquifi in July, aiming to address the complexity of token launches by on-chain builders, including issues like fragmented legal, tax, and compliance hurdles, regulatory matters, and more.
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