The coinbase is in advanced negotiations to acquire coindcx after $ 44m hack, which offers less than half of the coinx in the previous bull market.
Summary
- The coinbase is negotiating to acquire coindcx for less than $ 1 billion, deepening its investment in India’s Crypto region.
- Coindcx recently lost $ 44 million in a major hack, questioning the operational risk and confidence.
- Acquisition will help the coinbase to create a strong pressure
The coinbase is all made in an advanced negotiations to acquire CONDCX to India’s largest cryptocurrency exchange, as the American firm wants to give birth to one of the fastest growing crypto markets in the world.
The deal, for the first time reported by the Indian media Livemint on July 29, can give CONDCX a price for less than $ 1 billion, which is faster than the $ 2.2 billion $ 2021 peak.
Coinbase strategic bets on India
For the coinbase, the deal will mark its second major acquisition this year, after the correction of $ 2.9 billion of Derbit. It also follows small M&A activity with Crypto Startups Likifi, Spindle and Iron Fish. Coinbase All Coindcx and its competitive Coinswitch keep the equation bets.
The acquisition will speed up the re-entry of coinbase in India. The company started operating briefly
The government is formulating its first formal crypto policy as a final deal to score its business services in India.
The deal comes
The time follows $ 44 million hack that hits the CONDCX Arjak this month. On July 19, the attackers extracted funds from an internal warm wallet used for liquidity provision on a partner exchange. Customer funds, which were made in cold storage, were not impressed.
The company confirmed that it has used the Treasury Reserve to cover the damage and since then started a bounty program offering up to 25% of any reviewed funds, which has been capted in $ 11 million. Blockchain explorer Zachxbt flagged off the brake, that the attackers used tornado and cross-chain bridge to remove fund motors.
The two wallets caught over 155,000 Solana (Sol) and 4,400 Ethereum (Ath) remain under observation. While speculation has depicted the Lazarus Group of North Korea, atribution has unconfirmed.
As part of its response, Coindcx stopped the web3 services, requiring more than 31,000 withdrawal in a single day, and new security measures are applied. Breach has investigated on Indian centralized exchanges, pointing to the high warm wall risk of coindcx with critics and lack of transparent detention audit.
