Coinbase is reportedly negotiating to acquire CoinDCX, one of India’s leading cryptocurrency exchanges, according to Wublockchain, citing local Indian media.
CoinDCX previously suffered a $44 million hack but has since recovered. This incident may be one of the reasons the exchange’s valuation has dropped significantly—from its previous peak of $2.2 billion to below $1 billion today.
Coinbase Could Acquire CoinDCX as Valuation Falls Below $1B
This potential acquisition follows CoinDCX’s recovery from a recent hacking incident. According to CoinDCX’s disclosure, CoinDCX suffered a security breach involving unauthorized access to its operational hot wallet. The attack resulted in approximately $44 million in losses from trade liquidity funds. The company immediately contained the incident and delayed the public announcement for 17 hours.
Blockchain sleuth ZachXBT traced the attacker who received 1 ETH via Tornado Cash. Security firm Cyvers detected suspicious withdrawals as funds moved across multiple blockchain addresses.
Coinbase’s role as a potential buyer signals its strong interest in the Indian market—one of the fastest-growing regions globally for cryptocurrency adoption. According to data from Triple-A, India ranks among the top countries worldwide, with over 93 million crypto holders.
In March, the leading US exchange secured a license from India’s Financial Intelligence Unit. This move signals its aim to re-enter the market after regulatory hurdles cut short its brief 2022 launch.
CoinDCX ranks 397th among centralized exchanges on CoinMarketCap at the time of reporting. The Indian cryptocurrency exchange recorded a 24-hour spot trading volume of $14 million (equivalent to 119 BTC), while maintaining total assets valued at $160 million.
Amid reports of Coinbase acquiring CoinDCX, CoinDCX CEO Sumit Gupta stated that the company is not looking for an opportunity to sell and is currently focused entirely on growing the Indian crypto ecosystem.
“Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale!” Sumit Gupta stated.
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