$44M INTERNAL WORK? COINDCX ENGINEER ARRESTED IN GRAND CRYPTO HEIST

On July 26, Bangalore police arrested Rahul Agarwal, a software engineer at CoinDCX, in connection with a stunning $44M theft from the exchange's internal wallet.

🔍 It all began with a test transaction of 1 USDT at 2:37 AM on July 19. A few hours later, $44M was stolen through 6 wallets using credentials stolen from Agarwal's laptop.

💻 Allegedly compromised through malware, Agarwal confessed to working freelance via WhatsApp with a German contact — and received ₹15 lakh in exchange.

🔐 According to the parent company Neblio Technologies, client funds were not affected, but the breach raised alarms in the crypto space. A reward of $11M is currently being offered for assistance in recovering the funds.

Why this matters:

This is not just a hack — it's a tutorial on social engineering aimed at privileged access.

Exchanges in emerging markets now face the necessity to reassess their cybersecurity and internal controls.

The debate continues: blame the individual or fix the system? In any case, Web3 needs better protective measures.