Sumit Gupta, CEO of Indian crypto change CoinDCX, has publicly denied studies suggesting the corporate is in acquisition talks with US-based crypto platform Coinbase.
The hypothesis emerged after a Livemint report claimed that negotiations had been underway between the 2 crypto buying and selling platforms.
Nevertheless, Gupta shortly dismissed the claims in a July 29 publish on X (previously Twitter), saying:
“Ignore the rumours! CoinDCX is ‘tremendous centered’ on constructing for India’s crypto story and never up on the market!”
Mridul Gupta, a co-founder and senior government at CoinDCX, additionally shared this view and labeled the report “false.” He famous that moderately than planning an exit, the corporate is actively increasing and recruiting expertise throughout varied departments.
Coinbase is the biggest US-based crypto buying and selling platform. The agency halted its Indian operations in 2022 beneath regulatory stress. re-entered India in March after it secured a key regulatory nod from India’s Monetary Intelligence Unit (FIU).
Since then, the change has made no additional bulletins about its plan for the Asian nation.
CoinDCX safety breach
The rumors surfaced after a $44 million safety breach on CoinDCX, allegedly orchestrated by North Korea’s Lazarus Group.
Blockchain analytics agency Cyvers recognized assault patterns in keeping with earlier Lazarus operations, together with cross-chain bridges and Twister Money to obscure fund flows.
In keeping with Cyvers, the attackers possible exploited uncovered API keys or misconfigured backend programs, permitting them to switch property from the Solana blockchain to Ethereum and launder them anonymously.
In response to the exploit, CoinDCX launched an $11 million bounty initiative providing as much as 25% of recovered property. This system goals to have interaction moral hackers, researchers, and blockchain corporations in asset restoration efforts.
Regardless of this assault, CoinDCX stays one in all India’s largest digital asset platforms, managing over $161 million in buyer property and processing round $14 million in every day buying and selling quantity, in keeping with CoinMarketCap knowledge
Talked about on this article
