CoinDCX Denies Reports Of Potential Acquisition By Coinbase After $44 Million Hack
Main Idea
CoinDCX denies reports of a potential acquisition by Coinbase following a $44 million hack, with its CEO stating the exchange is focused on building India's crypto ecosystem and not for sale.
Key Points
1. CoinDCX, India's largest crypto exchange, refuted claims of being acquired by Coinbase, with CEO Sumit Gupta calling the reports rumors.
2. Reports suggested Coinbase was considering acquiring CoinDCX for approximately $900 million, a significant drop from its peak valuation of $2.2 billion.
3. The rumors emerged after hackers stole $44.2 million from CoinDCX's operational wallet in a sophisticated server attack.
4. Coinbase reportedly viewed the potential acquisition as a strategic move to re-enter India's growing crypto market.
5. Gupta emphasized CoinDCX's commitment to India's crypto development and dismissed any sale discussions.
Description
On Tuesday, Mint reported that Coinbase was in advanced discussions to acquire CoinDCX, citing two anonymous sources familiar with the matter.
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