CoinDCX, India’s first digital asset unicorn, has dismissed recent media claims that it is in advanced acquisition discussions with the United States-based digital asset powerhouse, Coinbase (NASDAQ: COIN). The media report suggested that Coinbase might purchase the Indian exchange for less than $1 billion—a valuation notably lower than CoinDCX’s peak worth of $2.2 billion.
This clarification comes during a turbulent time for CoinDCX, which recently faced a serious cybersecurity breach. Earlier in July, the exchange suffered a loss of approximately $44.2 million after one of its internal operational accounts was compromised.
In response, CoinDCX claimed that it promptly secured the affected systems and introduced a recovery bounty initiative offering up to $11 million in rewards. The firm has also appealed to white-hat hackers and cybersecurity professionals to assist in tracking down and reclaiming the stolen assets.
“Amidst all the noise and media drama, building for crypto in India is tough. Super tough. But entrepreneurs thrive on challenges and there’s unmatched joy in building something meaningful for the country!” CoinDCX co-founder Sumit Gupta wrote on X.
CoinDCX made history in 2021 by becoming India’s first digital asset exchange to achieve ‘unicorn’ status, following a $90 million funding round that brought its valuation to $1.1 billion. Building on that momentum, the company secured another $135 million in 2022, nearly doubling its valuation to approximately $2.15 billion.
Continuing its growth trajectory, CoinDCX expanded its global footprint in July 2024 with the acquisition of BitOasis, a prominent digital asset exchange headquartered in Dubai. This strategic move marked a key milestone in the company’s international ambitions. Around the same time, CoinDCX also broadened its trading offerings by listing the BSV token on its platform, providing users with increased options for buying, selling, and trading BSV.
WazirX looking to restart operations’ safely’
In January 2025, CoinDCX signaled its intention to acquire rival exchange WazirX, reflecting a potential consolidation move within India’s digital asset industry. Around the same time, CoinSwitch exchange stepped in with a $70 million asset recovery initiative to compensate WazirX users affected by the devastating cyberattack in July 2024.
Once the leading digital asset exchange of India by trading volume, WazirX faced a steep decline since falling victim to a massive $235 million hack last year. The attack, attributed to the Lazarus Group linked to North Korea, severely impacted the platform’s operations and user trust. The incident has further highlighted growing global concerns over the security vulnerabilities of digital asset exchanges.
On July 18, 2025, around the same time CoinDCX lost $44.2 million in a cyberattack, WazirX wrote on X: “A lot can happen in one year…Exactly a year ago, WazirX faced a major cyberattack. Global agencies, including law enforcement from the U.S., Japan, and South Korea, have formally confirmed that it was done by North Korean hackers. It disrupted operations, but not our determination. Since then, our focus has been crystal clear: restore trust, distribute assets, and restart operations safely.”
WazirX announced that it has brought on board international cybersecurity specialists and is actively working with legal authorities as part of a comprehensive recovery plan. As a key part of this effort, the company secured a moratorium from the Singapore High Court, allowing it to rebuild its operations under judicial supervision and in accordance with legal protocols.
To reinforce the safety of user assets, WazirX partnered with custodial service providers such as BitGo and Zodia Custody. The exchange also revealed that its proposed restructuring plan received strong support from stakeholders, with 93.1% of creditors voting in favor of the initiative.
In line with evolving regulatory and operational requirements, WazirX said it has overhauled its internal structure. Under the new arrangement, Zanmai India, a Financial Intelligence Unit (FIU)-registered entity, will be responsible for managing the asset distribution process once the court formally approves and sanctions the restructuring scheme.
“This change requires a revote to reflect the updated framework, and we are ready. We have committed to speed from the start. Once the voting is over, the distribution of assets will take place within a few weeks,” the exchange wrote in the X post.
“The journey has never been about shortcuts, it’s been about doing what’s right, rebuilding the right way, and distributing assets as soon as possible…We are nearly there. Let’s finish strong together,” it added.
‘Crypto assets are unregulated in India’
Over the past year, India has experienced two of its most severe digital asset security breaches, shaking confidence in the sector. The first occurred in July 2024, when WazirX fell victim to a massive cyberattack that resulted in the loss of nearly 45% of the exchange’s total holdings. Again in July this year, CoinDCX confirmed a separate breach involving losses exceeding $40 million, further compounding the sector’s challenges. These two incidents have affected India’s leading digital asset platforms, underscoring deep vulnerabilities in local exchange infrastructure.
Moreover, India’s digital asset industry remains in regulatory limbo, with no comprehensive framework in place. This uncertainty continues to hamper the industry’s growth, leaving exchanges and investors exposed to both legal ambiguity and operational risk.
“Crypto assets are unregulated in India and [the] government does not collect data on these assets,” Pankaj Chaudhary, Minister of State in the Ministry of Finance, told the Parliament on July 28.
“Crypto assets are by definition borderless and require significant international collaboration to prevent regulatory arbitrage. Therefore, any proposal for bringing model guidelines/rules can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards. The Reserve Bank of India (RBI) has issued advisories warning users, holders, and traders of virtual currencies or crypto assets about the potential risks, including economic, financial, operational, legal, and security concerns,” Chaudhary stated.
The Indian government has brought virtual digital assets (VDAs) under the purview of the Prevention of Money Laundering Act (PMLA) to bring the transactions involving VDAs within the ambit of PMLA. Additionally, Chaudhary clarified that companies with exposure to digital assets are required to disclose their ‘crypto’ holdings in their financial statements.
In December 2024, the Indian government stated that there was no definitive timeline for rolling out comprehensive virtual digital assets regulations. However, by June 2025, the government signaled a shift in approach, announcing plans to soon release a detailed discussion paper on digital assets. This paper will draw on insights from international bodies such as the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
India enforces one of the most stringent tax regimes on digital asset trading, including a flat 30% tax on all profits from digital assets, with no allowance for offsetting losses, a 1% tax deducted at source (TDS) on transactions exceeding ₹10,000 (approximately $116), and an 18% Goods and Services Tax (GST) on trading fees. According to a report by the Esya Centre, an Indian policy think tank, this framework could result in a potential loss of $1.2 trillion in trading volume on domestic exchanges.
Watch: India is going to be the frontrunner in digitalization
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