Update (July 29 at 4:21 am UTC): This article has been updated to reflect a public denial from CoinDCX CEO Samit Gupta over the report.
Sumit Gupta, CEO of Indian crypto exchange CoinDCX, has denied rumors that his company is in talks with Coinbase for a nearly $1 billion acquisition deal.
The rumors stemmed from a report from Indian news outlet Mint on Monday, stating that Coinbase was in “advanced discussions” to acquire CoinDCX, citing two unnamed sources familiar with the matter.
Gupta denied the report in a message on X on Tuesday.
”Ignore the rumours! CoinDCX is ‘super focused’ on building for India’s crypto story and not up for sale,” Gupta wrote. ”Will share more later but just wanted to clarify this upfront!”
Prior to Gupta’s statement, a Coinbase spokesperson told Cointelegraph that it wouldn’t comment on “rumors or speculation.”
“We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap.”
CoinDCX recovers from $44 million hack
The incident comes around 11 days after CoinDCX suffered a $44.2 million hack on July 18, when attackers breached an operational wallet and drained it within minutes.
CoinDCX’s security setup ensured that all customer funds remained unaffected.
Related: Coinbase sues man using a Coinbase-like URL to make money
Coinbase registered with India’s Financial Intelligence Unit in March — possibly signaling its intention to expand its presence in the world’s most populous country.
Coinbase has been on an acquisition spree
Meanwhile, in May, Coinbase completed a $2.9 billion cash-and-stock acquisition of Deribit as part of a move to position it as a leader in the crypto derivatives market.
Earlier this month, Coinbase also acquired Liquifi, a token-management platform serving early‑stage onchain builders.
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