CoinDCX Founder Rejects Coinbase Takeover Speculation Following $44 Million Security Breach

Amidst the aftermath of a recent security breach impacting CoinDCX, rumors surfaced regarding a potential acquisition of the Indian cryptocurrency exchange platform by Coinbase. However, Sumit Gupta, the founder and CEO of CoinDCX, was quick to dismiss these claims. Gupta asserted, via his official social media account, that these reports are entirely unfounded. He emphasized that the company is fully focused on addressing the consequences of the breach and restoring trust among its users. Furthermore, CoinDCX is actively collaborating with relevant authorities and cybersecurity firms to pinpoint the source of the breach and implement more robust security measures to prevent similar incidents in the future. This denial arrives at a critical juncture for CoinDCX, as it endeavors to rehabilitate its reputation and regain investor confidence after incurring substantial losses due to the breach. In response to inquiries concerning compensation plans for affected users, CoinDCX stated that it is evaluating all viable options and will announce compensation details as soon as feasible. The cryptocurrency community is closely monitoring developments, expressing concern about the increasing instances of breaches targeting cryptocurrency exchange platforms. The recent incident raises questions about the adequacy of security measures implemented by these platforms to safeguard user assets.