BIG Crypto Heist In India. 44Million gone.
A Lesson for all.
What Happened?
On July 19 at 2:37 AM, hackers used the stolen login credentials of CoinDCX engineer Rahul Agarwal to infiltrate the exchange’s systems.
By 9:40 AM, they’d siphoned ₹379 crore (≈ $44 million) into six separate wallets, first moving a lone 1 USDT as a test.
Investigators say Agarwal received a suspicious WhatsApp call from a German number, downloading what he believed were work files—but which contained the breach tool.
Agarwal admitted he’d been freelancing for unknown private parties and may have unwittingly exposed his corporate credentials.
Why It Matters
A top-tier domestic exchange losing tens of millions dents public confidence—users may rethink leaving large holdings on centralized platforms.
Possibility of Regulatory Heat: Authorities will tighten security mandates for exchanges, likely spurring new compliance rules and audits.
Market get affected? Fear and uncertainty could trigger short-term sell-offs in Indian-listed crypto pairs, while other exchanges hasten to shore up their defenses.
Moral of the story-
Even insiders can be unwitting accomplices in massive breaches. For crypto investors, the incident is a stark reminder to use strong, isolated credentials, enable multi-factor authentication, and consider cold storage for large balances.
#CryptoScamAlert #ScamAwareness
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Disclaimer: I do not claim to own or take credits for any of the information above or the picture. All credits goes to Times of India.
Source: Times of India, “Bengaluru techie arrested in Rs 379 crore CoinDCX crypto theft…”
Credit: H M Chaithanya Swamy / TNN