The Climbing Coinbase plans to acquire India -based Crypto Exchange Coindcx, refusing the company’s leadership.
Summary
- Indian Crypto Exchange is not for sale, according to its CEO.
- The rumor deal was given importance to coindcx under $ 1b, much below its $ 2.2B assessment in 2021.
- Coindcx faced a major hack earning this month.
In an X post of July 29, CEO Sumit Gupta, CEO of Coindcx, closed the director of rumors, stating that offering is not for sale.
The CEO wrote, “Understand the rumors! Coindcx is not for sale.” Two other founding partners echoed the message quickly, stating that the exchange focuses on locally.
https://twitter.com/mri_gup/status/1950125307777777589?s=46
For the first time a report published by a local Indian media outlet, Sugsted to expand the Alethes Indian Presence by purchasing the platform to the coinbase and rival Coinwich.
The Coinbase briefly entered the Indian market in 2022, but pulled back after facing the regulatory pressure. However, in March, the exchange secures a financial intelligence unit (FIU) license. This is speculated about a return, adding coindcx acquisition reports.
The report also reported the value of Claindcx to $ 1 billion, below its $ 2.2 billion peak in 2021, and came only a few days after a breech on the platform, completing the characteristics that the financial pregnancy could run a possible sales.
CONDCX Hack Background on Hack
On July 19, the attackers assets about $ 44 million from an internal wallet tied to a partner exchange, which was about $ 44 million. Coindcx later confirmed that the customer fund was uncontrolled in cold storage and said the damage was completely covered using treasury reserves.
The stolen property was looted through a mixture equipment such as tornado cash and cross-chain bridges, which was obscureing the mark and made the difference of recovery efforts. Breach marked another big hit for India’s exchange scene after the 2024 Wazirrix incident.
Coindcx has since started a recovery strategy, including 25% reward for re -received money. More than 155,000 souls and 4,400 ETHs also remonsom the assailants under the comments, then no recovery has been made so far.
The refusal of the exchange now suggests that it stands for the firming firm for now, although it is not clear whether the decisions stems from rejecting low values or if NEs were.
