01.08.2025 21:28

Bengaluru police apprehended a 30-year-old CoinDCX software engineer, Rahul Agarwal, in connection with the substantial theft of cryptocurrency assets. The theft, reported by the Times of India, involved a staggering 3.79 billion rupees (approximately $43.4 million) siphoned from the exchange in July. Investigators allege Agarwal's company-issued laptop credentials were compromised, providing illicit access to CoinDCX's internal systems.


A sophisticated operation saw the stolen cryptocurrencies funneled into six separate wallets. While Agarwal denies direct culpability, he acknowledged performing freelance work for unidentified overseas clients. Adding to the suspicion, a significant 1.5 million rupee deposit was credited to his account, preceded by a WhatsApp call from a German number, just before the heist. Authorities are meticulously investigating whether this freelance work, potentially involving malware or compromised credentials, facilitated the cyberattack.


Neblio Technologies, CoinDCX's parent company, launched an internal investigation, reassuring customers that their assets remain untouched. Remarkably, CoinDCX intends to absorb the substantial financial losses from its own reserves. This incident has ignited concerns about the exchange's internal security protocols and sparked speculation regarding potential links to international hacking syndicates.


The investigation has taken a concerning turn, with authorities exploring the possibility of North Korean involvement, mirroring patterns observed in previous cryptocurrency heists. Despite extensive efforts, the stolen funds remain unrecovered. Investigations continue, aiming to uncover the full extent of the conspiracy and bring all those responsible to justice. Information for this report was gathered from various online sources.