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“CoinDCX Not for Sale”: CEO Shuts Down Coinbase Buyout Talks Amid Hack Speculation
India’s largest crypto exchange, CoinDCX, has categorically denied rumors of an acquisition by major US-based competitor Coinbase. The denial comes amidst speculation that the US$44 million hack on CoinDCX prompted a buyout offer from Coinbase.
In an official statement released on social media platform X, CEO Sumit Gupta dismissed reports suggesting Coinbase was in “advanced talks” to acquire CoinDCX for $900 million – significantly lower than the company’s 2021 valuation of US$2.2 billion.
“Giggle! Ignore the rumors! CoinDCX is super focused on building India’s crypto story and not up for sale,” Gupta wrote, shutting down the speculation once and for all.
The denial may come as a relief to CoinDCX stakeholders who have been shaken by the recent hack. The breach led to an US$11 million bounty program being launched to trace the hackers, with no customer funds affected.
Source: bitcoinist.com
