CoinDCX Denies Coinbase Acquisition Rumors After $3M Cyber Heist – ’No Fire Sale Here’
Indian crypto exchange CoinDCX slams the brakes on buyout speculation following a brazen security breach. The platform insists business remains 'as usual'—despite hackers making off with enough digital assets to fund a small island nation.
Rumors vs. Reality: The buyout whispers started circulating after an unidentified attacker drained wallets in a late-night exploit. CoinDCX CEO Sumit Gupta swiftly dismissed the Coinbase takeover chatter as 'baseless,' emphasizing the company's 'strong independent trajectory.'
Security Fallout: While the exact amount stolen remains undisclosed, blockchain sleuths estimate losses at ~200 BTC. The exchange has frozen affected accounts and promises 'full reimbursements'—a move that’s either commendable transparency or desperate damage control, depending on who you ask.
Market Reaction: DCX tokens dipped 8% post-announcement before stabilizing. Traders seem more concerned about the breach than the phantom acquisition—proving once again that in crypto, security fears trump M&A hype every time.
Closing Thought: Another day, another exchange hack. At least this one didn’t involve a 'pentester' turned penthouse buyer.
CoinDCX security breach
The rumors surfaced after a $44 million security breach on CoinDCX, allegedly orchestrated by North Korea’s Lazarus Group.
Blockchain analytics firm Cyvers identified attack patterns consistent with previous Lazarus operations, including cross-chain bridges and Tornado Cash to obscure fund flows.
According to Cyvers, the attackers likely exploited exposed API keys or misconfigured backend systems, allowing them to transfer assets from the Solana blockchain to ethereum and launder them anonymously.
In response to the exploit, CoinDCX introduced an $11 million bounty initiative offering up to 25% of recovered assets. The program aims to engage ethical hackers, researchers, and blockchain firms in asset recovery efforts.
Despite this attack, CoinDCX remains one of India’s largest digital asset platforms, managing over $161 million in customer assets and processing around $14 million in daily trading volume, according to CoinMarketCap data
