Coinbase Eyes Discounted Deal with CoinDCX Amid Post-Hack Fallout

Coinbase is reportedly in advanced negotiations to acquire Indian crypto exchange CoinDCX for less than $1 billion, a move that could mark a major strategic expansion into the South Asian crypto market just weeks after CoinDCX suffered a high-profile $44 million hack.

According to Indian outletLivemint, the deal would see CoinDCX valued at a steep discount from its 2021 valuation peak of $2.2 billion. The potential acquisition follows a year of intensified merger activity from Coinbase, which earlier in 2025 acquired Deribit for $2.9 billion and has invested in startups like Liquifi and Iron Fish. Coinbase also already holds equity in CoinDCX and its rival CoinSwitch.

The acquisition comes at a pivotal time for both firms. For CoinDCX, the deal could offer stability following the July 19 hack in which attackers siphoned $44 million from an internal hot wallet used for liquidity provisioning. While customer funds remained untouched in cold storage, the breach raised serious concerns about operational security and asset custody practices in Indian exchanges.

CoinDCX quickly launched a damage control campaign, using treasury reserves to cover the loss and introducing a bounty program offering up to $11 million—25% of any recovered funds. Blockchain investigator ZachXBT identified how the attackers used Tornado Cash and cross-chain bridges to mask fund flows. Two wallets, now under monitoring, still hold over 155,000 SOL and 4,400 ETH. Although speculation has hinted at involvement by North Korea's Lazarus Group, attribution remains unconfirmed.

CoinDCX responded by halting its Web3 services, executing over 31,000 withdrawal requests in a day, and reinforcing security protocols. Still, the hack has revived public skepticism about centralized crypto platforms in India, especially those lacking transparent custodial audits.

For Coinbase, the timing may be opportunistic. Having secured a Financial Intelligence Unit (FIU) license in March, the company appears eager to regain traction in India after a brief 2022 market entry was derailed by regulatory uncertainty. A successful acquisition would offer a well-timed gateway into India’s growing crypto user base, just as the government inches toward its first comprehensive crypto policy.

If finalized, the deal could reshape India’s crypto landscape while bolstering Coinbase's position as a global consolidator amid a more cautious and compliance-driven era for digital asset firms.