Coinbase Eyeing a Heist? 🤔 Negotiations with Hacked CoinDCX Heat Up!

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Oh, the plot thickens! Coinbase is reportedly in talks to buy CoinDCX, India’s own cryptocurrency exchange that’s been through more drama than a daytime soap opera. According to Wublockchain, citing local Indian media, it looks like Coinbase might be getting its hands dirty in the Indian market.

Remember when CoinDCX got hacked and lost a whopping $44 million? Yeah, that didn’t exactly do wonders for their reputation. But hey, they’ve managed to bounce back, even if their valuation has taken a nosedive—from a sky-high $2.2 billion to a more modest (but still impressive) $1 billion. Talk about a rollercoaster ride! 🎢

Coinbase Could Acquire CoinDCX as Valuation Plummets Below $1B

This potential acquisition comes on the heels of CoinDCX’s recovery from a recent hacking incident. In case you missed it, the exchange suffered a security breach where some shady characters got their hands on unauthorized access to its operational hot wallet. The result? A loss of around $44 million from trade liquidity funds. CoinDCX was quick to contain the incident, but they did take a leisurely 17 hours to let the public know. 😴

Blockchain detective ZachXBT was on the case, tracing the attacker who received 1 ETH via Tornado Cash. Security firm Cyvers also spotted some fishy withdrawals as funds were shuffled across multiple blockchain addresses. It’s like a real-life game of cat and mouse, but with more zeros at stake. 🐱🐭

Back in the day, CoinDCX was on top of the world, achieving a $2.15 billion valuation after raising $135 million in Series D funding. They had over 10 million users and were hiring like there was no tomorrow, growing their team from 400 to 1,000 employees. But after the security breach, their valuation took a hit and now stands at just under $1 billion. Ouch! 💥

Coinbase’s interest in CoinDCX signals a serious play for the Indian market, which is one of the fastest-growing regions for cryptocurrency adoption. According to data from Triple-A, India is a crypto powerhouse, with over 93 million crypto holders. That’s more than the population of many countries! 🌍

In March, the leading US exchange secured a license from India’s Financial Intelligence Unit. This move suggests that Coinbase is ready to re-enter the market after regulatory hurdles put a temporary halt on their 2022 launch. It’s like they’re saying, “We’re back, and this time we mean business!” 🚀

CoinDCX currently ranks 397th among centralized exchanges on CoinMarketCap. The Indian cryptocurrency exchange recorded a 24-hour spot trading volume of $14 million (or 119 BTC), with total assets valued at $160 million. Not bad for a platform that’s been through the wringer! 🏆

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2025-07-29 05:43