๐จ $44M CoinDCX Crypto Heist: Engineer Arrested in Bengaluru ๐
On July 26, Bengaluru police arrested Rahul Agarwal, a 30-year-old software engineer at CoinDCX, in connection with a massive $44 million (โน379 crore) crypto theft. Agarwal, who had been with the company for over two years, is accused of being a link in the sophisticated attack on the exchangeโs internal wallet.
๐ต๏ธโโ๏ธ How It Happened
The breach began quietly on July 19, with a test transfer of 1 USDT at 2:37 a.m.. Hackers, using credentials allegedly hijacked from Agarwalโs company-issued laptop, swiftly moved $44M across six wallets by mid-morning.
Investigators say Agarwal had been freelancing via WhatsApp, including receiving instructions from a German number, and admitted to receiving a โน15 lakh (~$17,000) payment. Authorities suspect his machine was compromised via malware, enabling credential theft.
๐ผ No Customer Funds Affected
Parent company Neblio Technologies confirmed that no customer funds were lost, as the compromised wallet was separate from user assets. CoinDCX has since announced a bounty of up to $11 million for information leading to fund recovery.
๐ The Bigger Picture: A Wake-Up Call for Crypto Security
This incident underscores a rising threat in crypto: social engineering attacks targeting insiders with privileged access. One Reddit user put it bluntly:
> โIn that caseโฆ heโs the victim, not the villain. Credential theft is real โ and so are the gaps in access controls.โ
A Neblio senior official called it a "sophisticated breach," emphasizing their full cooperation with investigators.
๐ With millions lost and trust on the line, the case is igniting serious questions around cybersecurity practices at crypto exchangesโespecially in emerging markets. Regulators in India and beyond are now likely watching closely.
