Coinbase Nears Acquisition of Hacked Indian Exchange CoinDCX

Coinbase is reportedly in advanced negotiations to acquire Indian cryptocurrency exchange CoinDCX for under $1 billion, a significant decrease from CoinDCX’s $2.2 billion peak valuation in 2021. This potential acquisition follows a $44 million security breach at CoinDCX, which targeted its internal hot wallet but did not affect customer funds stored in cold storage; the losses have been reimbursed by CoinDCX’s treasury. Coinbase views the deal as a strategic move to strengthen its presence in India’s rapidly evolving crypto market, especially after securing a Financial Intelligence Unit license in early 2025, signaling its intent to re-enter the region. Despite these reports, CoinDCX CEO Sumit Gupta has categorically denied any plans to sell, emphasizing the company’s focus on independent growth and capitalizing on India’s emerging regulatory framework. The denial highlights a divergence from broader industry consolidation trends, as CoinDCX aims to solidify its position in India’s crypto ecosystem without external acquisition. Meanwhile, Coinbase continues its acquisition strategy globally, having recently acquired Deribit and other startups to expand its trading infrastructure.