Coinbase is negotiating to acquire Indian cryptocurrency exchange CoinDCX for under $1 billion, a sharp discount from CoinDCX's 2021 peak valuation of $2.2 billion. The deal follows a $44 million security breach at CoinDCX on July 19, 2025, where attackers drained an internal hot wallet used for liquidity provisioning. Blockchain investigator ZachXBT identified fund movements involving 155,000 SOL and 4,400 ETH, obscured via Tornado Cash and cross-chain bridges.
CoinDCX confirmed customer funds in cold storage remained unaffected and covered losses using treasury reserves, while offering a $11 million capped bounty for fund recovery. The hack triggered over 31,000 withdrawal requests in one day and prompted security upgrades. For Coinbase, this marks its second major acquisition in 2025 after Deribit's $2.9 billion purchase, accelerating re-entry into India's crypto market where it secured a Financial Intelligence Unit license in March.
The acquisition would position Coinbase to capitalize on India's 93 million crypto users ahead of impending regulations, despite CoinDCX's current valuation dip and 397th exchange ranking with $14 million daily volume.