Coinbase in Coindcx Coincx talks for less than 1B star-news.press/wp

Coinbase in advanced conversations to acquire CoINDCX after a penetration of $ 44 million, and is offered less than half of CoINDCX in the last market.

Coinbase is claimed in advanced negotiations to get Coindcx, the largest exchange of encrypted currency in India, as the American company seeks to develop its presence in one of the fastest encryption markets in the world.

The deal, first I mentioned By Indian Media Livemint on July 29, Coindcx can be estimated at less than a billion dollars, with a sharp decrease from its peak 2021 of $ 2.2 billion.

Coinbase strategic bet on India

For Coinbase, the deal will celebrate its second main acquisition this year, after the Deribit bought $ 2.9 billion. It also follows the smaller M&A activity with the start of Crypto Liquifi, SpindL and Iron Fish. Coinbase already holds stock shares in Coindcx and Coinswitch competitors.

Coinbase’s re -entry to India after securing the financial intelligence unit license in March. The company briefly launched the operations in the country in 2022 before declining due to organizational challenges.

The final deal will put Coinbase to expand its commercial services in India just and the government is preparing for the first time in the official encryption policy.

The deal comes after the large security breach of Coindcx

The timing follows a penetration of $ 44 million, hitting Coindcx earlier this month. On July 19, the attackers drained money from an internal hot portfolio used to provide liquidity in the exchange of partners. Customer boxes, which remained in cold storage.

The company confirmed that it is using the treasury reserves to cover the fully loss and since then it launched a reward program that offers up to 25 % of any funds that were recovered, reaching $ 11 million. Blockchain Zachxbt investigator informed the breach, and revealed that the attackers used Tornado Cash and Cross-Chein Bridges to Formed Uxptiments.

Two conservatives carry more than 155,000 Solana (SOL) and 4400 ETHEREUM (ETH) remains under observation. While speculation referred to the Lazarus group in North Korea, the chain of transmission is still uncertain.

As part of its response, CoINDCX has stopped web3 services, where more than 31,000 withdrawals were treated in one day, and new security measures were placed in place. The breach sparked an audit on the Indian central exchanges, as critics indicated the high exposure of the hot portfolio in Coindcx and the lack of audits in the transparent nursery.