Key Takeaways:
CoinDCX CEO Sumit Gupta refutes reports of a $1B acquisition deal with Coinbase.
The denial follows a $44M hack, raising questions about CoinDCX’s valuation and future.
$SHIB holders are urged to monitor developments as India’s crypto landscape shifts.
Indian crypto exchange CoinDCX has officially denied rumors of a $1 billion acquisition by U.S.-based Coinbase, just days after suffering a $44 million hack. CEO Sumit Gupta took to social media to clarify that the company remains committed to building for India’s Web3 future and is not for sale. The timing of the denial, coupled with recent security concerns, has sparked renewed interest among $SHIB holders and broader crypto investors watching India’s evolving regulatory climate.
CoinDCX Stays Independent Despite Market Speculation
Reports from Indian media suggested Coinbase was in advanced talks to acquire CoinDCX at a steep discount from its 2021 valuation of $2.2 billion. However, Gupta swiftly dismissed the claims, stating the company is “super focused” on India’s crypto growth and not entertaining buyout offers. The denial comes amid CoinDCX’s recovery efforts following a major hack that compromised an operational wallet but left customer funds untouched. The exchange has since launched a bounty program to trace stolen assets and reinforce its security protocols.
Why SHIB Holders Should Pay Attention
While the acquisition rumors have been quashed, SHIB holders and altcoin investors are keeping a close eye on CoinDCX’s next moves. The exchange plays a key role in India’s retail crypto market, and any strategic shift, be it partnerships, infrastructure upgrades, or regulatory alignment, could impact token accessibility and liquidity. With India still lacking a comprehensive crypto framework, developments at major exchanges like CoinDCX may influence how meme coins like $SHIB are traded and perceived in the region.
