Coinbase is said to have negotiated to acquire Coindcx, one of the main exchanges of Indian cryptocurrency, according to Wublockchain, citing local Indian media.
Coindcx had previously had a hack of $ 44 million but has since recovered. This incident may be one of the reasons why the evaluation of the exchange has dropped considerably, from its previous peak of $ 2.2 billion to less than $ 1 billion today.
Coinbase could acquire Coindcx because the evaluation falls below $ 1 billion
This potential acquisition follows the Coindcx recovery of a recent hacking incident. According to Coindcx’s disclosure, Coindcx has undergone a security violation involving unauthorized access to its operational hot wallet. The attack led to around $ 44 million in commercial liquidity funds. The company immediately contained the incident and delayed the public’s announcement for 17 hours.
Blockchain Sleuth Zachxbt traced the striker who received 1 ETH via Tornado Cash. The CYVER security company detected suspicious withdrawals while the funds moved to several blockchain addresses.
During Coindcx’s advanced period, the scholarship obtained an assessment of $ 2.15 billion after raising $ 135 million in series D financing. The company had raised more than 10 million users and aggressively extended its workforce from 400 to 1,000 employees. However, the stock market assessment has since fallen at less than $ 1 billion after the recent security violation.
The role of coinbase as a potential buyer signals his strong interest in the Indian market – one of the fastest growth regions around the world for the adoption of cryptocurrency. According to Triple-A data, India ranks among the best countries in the world, with more than 93 million cryptography holders.
In March, the main American exchange obtained a license from the financial intelligence unit of India. This decision indicates its objective to reintegrate the market after regulatory obstacles interrupted its brief launch in 2022.
Coindcx ranks 397th among centralized exchanges on CoinmarketCap at the time of the declaration. The Indian Cryptocurrency Indian Stock Exchange has recorded a trading volume in cash at 24 hours a day, $ 14 million (equivalent to 119 BTC), while maintaining the total assets worth $ 160 million.
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