Coinbase in talks to acquire India’s CoinDCX for under $1B

Coinbase is in advanced talks to acquire Coindcx after a hacking of $ 44 million, offering less than half of what Coindcx has been evaluated in the last Haussier market.

Coinbase would be in advanced negotiations to acquire Coindcx, the greatest exchange of cryptocurrency in India, while American society seeks to increase its presence in one of the cryptographic markets with the fastest growth in the world.

The agreement, first reported By Indian Media Livemint on July 29, could enhance Coindcx at less than $ 1 billion, down sharply compared to its 2021 peak of $ 2.2 billion.

The strategic betting bet on India

For Coinbase, the agreement would mark its second major acquisition this year, following 2.9 billion dollars purchase Denibit. He also follows a smaller mergers and acquisitions activity with Liquifi, Spindl and Iron Fish cryptographic startups. Coinbase already holds action participations in Coindcx and its competitor Coinswitch.

The acquisition would accelerate the return of Coinbase in India after obtaining a license of financial intelligence unit in March. The company briefly launched operations in the country in 2022 before retreating due to regulatory challenges.

An finalized agreement would position Coinbase to evolve its negotiation services in India, just as the government is preparing its first formal cryptography policy.

The agreement comes after a large security violation in Coindcx

Timing follows $ 44 million hack It struck Coindcx earlier this month. On July 19, the attackers emptied funds from an internal hot portfolio used for liquidity supply on an exchange of partners. Customer funds, which remained in cold storage, were not affected.

The company confirmed that it has used cash reserves to fully cover the loss and has since launched a premium program offering up to 25% of the funds recovered, capped at $ 11 million. The blockchain investigator, Zachxbt, reported the violation, revealing that the attackers used tornado money and transversal bridges to obscure the movements of funds.

Two wallets holding more than 155,000 Solana (GROUND) and 4,400 Ethereum (Ethn) remain under observation. Although speculation indicated the Lazarus group in North Korea, the allocation remains unconfirmed.

As part of its response, CoindCX interrupted web3 services, processed more than 31,000 withdrawal requests in a single day and set up new security measures. The breach has rekindled careful examination Above the Indian centralized exchanges, with criticisms pointing to a high exposure to the hot wallet of Coindcx and a lack of transparent guard audits.