CoinDCX CEO Slams Door on Coinbase Buyout Rumors—’Not for Sale’ as Hack FUD Swirls

CoinDCX's founder just dropped a mic on acquisition whispers—while the crypto peanut gallery chatters about phantom security breaches.

The defiant stance: India's crypto heavyweight isn't playing ball with Coinbase or any other suitors, CEO Sumit Gupta declared today. The denial comes amid bizarre market rumors linking a supposed exchange hack to M&A theatrics.

Between the lines: Speculation about exchange vulnerabilities always spikes during price dumps—almost like traders need scapegoats for their bad leverage plays. Gupta's blunt rejection cuts through the noise: 'Our focus remains on building, not selling.'

Wall Street translation: When a CEO says 'not for sale,' smart money starts checking their calendars for the inevitable 180-degree pivot. But for now, the message is clear—keep those acquisition fantasies in your cold wallets.

Sumit Gupta Addresses the Rumors

Following a damaging $44 million hack, reports surfaced suggesting Coinbase was in “advanced talks” to acquire CoinDCX at a significant discount. However, Gupta wasted no time in shutting down the narrative.

“Ignore the rumors! CoinDCX is super focused on building for India’s crypto story and not up for sale,” Gupta wrote.

This firm rebuttal followed mounting media coverage based on anonymous sources claiming that Coinbase saw the hack as an entry point into India’s growing crypto market.

While CoinDCX has categorically denied the deal, Coinbase has neither confirmed nor denied the speculation. In line with its usual policy, a spokesperson said the company does not comment on market rumors.

Nonetheless, Coinbase continues to demonstrate strategic interest in India. It is registered with the Financial Intelligence Unit (FIU) and holds stakes in both CoinDCX and competitor CoinSwitch.

Though Coinbase previously paused its India expansion due to regulatory uncertainty, recent actions suggest a renewed focus on the region.

The $44 million breach, caused by unauthorized access to CoinDCX’s internal wallet, prompted concerns about the company’s resilience. CoinDCX responded swiftly, confirming that no customer funds were affected and launching an $11 million bounty program to trace the hackers.

Despite the setback, CoinDCX’s leadership remains confident. With over 13 million users and a strong domestic presence, the exchange appears determined to maintain its independence, regardless of market pressures or acquisition buzz.

Cover image from ChatGPT, chart from Tradingview