Sumit Gupta, CEO CoinDCX, one of India’s top crypto exchanges, has denied rumors of an acquisition by U.S.-based Coinbase.
Author: Sahil Thakur
CoinDCX, one of India’s top crypto exchanges, has responded to rumors of an acquisition by U.S.-based Coinbase. CEO Sumit Gupta has denied these reports, emphasizing that the company is focused on expanding India’s crypto landscape rather than being up for sale.
Rumors surfaced on July 27, 2025, suggesting that Coinbase was in talks to acquire CoinDCX for a discounted $900 million, a significant drop from the $2.2 billion valuation three years ago. The speculation came in light of CoinDCX’s recent $44 million hack. However, Sumit Gupta took to X to refute the claims, writing: “Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale!”
Gupta also reiterated that the platform remains committed to its mission of positioning India as a global Web3 leader.
CoinDCX recently faced a major security breach on July 19, 2025, when hackers stole approximately $44 million worth of crypto assets. Gupta assured users that the exchange remains financially strong and fully operational. In response, CoinDCX initiated swift measures to secure its systems and ensure users could continue with deposits and withdrawals.
Additionally, the exchange introduced a bounty program to recover the stolen funds, with a pool of $11 million allocated for ethical hackers and cybersecurity experts to help with the recovery efforts.
This incident is part of a growing trend of cyberattacks targeting crypto exchanges, as evidenced by the $240 million hack suffered by WazirX, another major Indian crypto platform, in mid-2024.
Despite the denial, the rumors came amid reports that Coinbase plans to re-enter India’s rapidly expanding crypto market. The American exchange has been eyeing new opportunities in the region, with retail demand increasing.
In response to the speculation, a Coinbase spokesperson remarked, “We have a bold mission to increase economic freedom globally, and continuously explore opportunities around the world to build, buy, partner, and invest to accelerate our roadmap.”
CoinDCX also faced financial challenges in the last fiscal year. The exchange reported a 12.41% decline in operating revenue to INR 391.7 crore for FY24, along with a 45.27% decrease in net profit.
The company has been working on strengthening its leadership team, with over 100 open senior leadership roles, including positions for CFO and general counsel. This move signals the company’s commitment to stabilizing and expanding its operations amidst current challenges.
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