CoinDCX CEO Dismisses $1 Billion Sale Rumours

The Indian cryptocurrency exchange CoinDCX has refuted media reports about negotiations to sell to Coinbase for $1 billion. The platform’s founder and CEO, Sumit Gupta, dismissed these as rumours and emphasised that the exchange is focused on developing the crypto market in India.

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

“Just woke up and immediately saw the news. Ignore the rumours! CoinDCX is fully focused on the Indian crypto market and is not for sale!” he wrote.

On July 28, Mint, citing anonymous sources, reported that Coinbase was discussing the acquisition of CoinDCX.

A Coinbase representative declined to comment on “rumours and speculation.” According to him, the company is “exploring opportunities” for global growth.

“Our ambitious mission is to expand economic freedom worldwide. We continuously explore various opportunities, from creating new products and acquisitions to partnerships and investments, to accelerate the implementation of our strategy,” he stated in a comment to Cointelegraph.

Why Did the Rumours Seem Credible?

Coinbase is actively strengthening its position in the Indian market. In March, the exchange registered with India’s Financial Intelligence Unit. Mint sources also noted that the American crypto exchange already holds stakes in two leading Indian platforms: CoinDCX and CoinSwitch Kuber.

In May, Coinbase acquired the largest derivatives exchange Deribit for $2.9 billion, and in July, the Liquifi project. This fuelled rumours of a possible expansion through the acquisition of CoinDCX, whose user base exceeds 14 million people.

CoinDCX Hack

On July 18, CoinDCX suffered a hacker attack. The perpetrators stole $44.2 million, gaining access to an operational account that the exchange used to provide liquidity on a partner platform. Gupta assured that all user funds are safe.

A few days after the incident, the CoinDCX team launched a bounty program for white-hat hackers. The exchange offered them 25% of the cryptocurrency amount that could be recovered.

Announcing the @CoinDCX Recovery Bounty Program: Up to 25% of any recovered funds will be awarded to individuals or teams who can help trace and retrieve the stolen crypto.

Just to give more context:
-> We want to be upfront. The exposure was from our own reserves, and we have… https://t.co/GHHlxf3PxB

— Sumit Gupta (CoinDCX) (@smtgpt) July 21, 2025

On July 22, the management of the Indian crypto exchange published an official clarification about the recent incident. CoinDCX emphasised that the platform is ready to fully cover the losses thanks to its financial stability. They noted that the platform’s annual revenue exceeds $132 million. Meanwhile, the treasury and corporate reserves are fully secured with the support of investors.

Top managers added that Zero Shadow, Wormhole, and Solana Foundation are currently assisting them in recovering the funds.

In the first half of the year, losses of crypto projects from hacker attacks reached $2.1 billion.