Michaela
Summary: What does the CoinDCX hack have to do with the Coinbase acquisition rumors?
The $44 million hack targeting CoinDCX happened just before rumors of a $1B Coinbase acquisition began circulating. While CoinDCX’s CEO denied the deal, the timing raised questions and drew attention to the exchange’s security and future plans. The incident also spotlighted Lazarus Group’s ongoing threat to crypto platforms.
Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, has refuted reports and rumors suggesting that U.S.-based Coinbase is engaged in “advanced talks” to acquire the company. The statement comes in the wake of a recent $44 million hack targeting CoinDCX, which has been attributed to the North Korean Lazarus Group.
“Ignore the rumours! CoinDCX is “super focused” on building for India’s crypto story and not up for sale,” Gupta wrote on an X post. Gupta also indicated that additional details would be provided in the near future, but felt it was important to address and dispel the rumors promptly.
In a subsequent post on X, Gupta reaffirmed his earlier statements, emphasizing that the exchange remains deeply committed to its mission of positioning India as a leading global Web3 powerhouse.
These speculations emerged shortly after the Indian exchange experienced a significant security breach, resulting in the loss of approximately $44 million. Gupta clarified that the breach targeted an internal operational wallet dedicated solely to liquidity provision with a partner exchange. He characterized the attack as a highly sophisticated server-level intrusion.
Gupta assured the public that customer assets were not impacted by the breach, noting that the affected wallet was separate from CoinDCX’s main custody systems. He emphasized that all user funds remain safe and fully intact.
The attack has since been tied to the North Korean-linked Lazarus Group, according to Web3 security firm Cyvers. CEO Deddy Lavid noted that the perpetrators used tactics frequently associated with the group, including cross-chain bridges and the crypto-mixing service Tornado Cash to obscure the movement of stolen funds. Cyvers said the methods closely mirrored previous Lazarus Group operations.
CoinDCX Talks and SHIB’s Global Reach
While CoinDCX has dismissed acquisition rumors, the speculation has sparked broader discussion about Coinbase’s global ambitions—particularly in regions where SHIB trading is thriving.
Coinbase is one of the major exchanges that has consistently supported Shiba Inu, offering strong retail access across its platform. Markets like India remain especially active hubs for SHIB adoption, making any potential expansion in Asia significant for the token’s future reach.
Had the reported $1 billion CoinDCX deal materialized, it would’ve marked a clear signal of Coinbase’s intent to deepen its footprint in Asia. Even without a confirmed acquisition, Coinbase’s ongoing global expansion, especially in emerging crypto markets, continues to open new doors for decentralized assets like SHIB.
At its core, every move toward broader crypto infrastructure, whether through new partnerships, acquisitions, or platform upgrades, lays the groundwork for projects like SHIB to gain traction with everyday users around the world.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
