Police in Bengaluru, India, have taken a CoinDCX
$7.85M
employee into custody following a crypto theft that hit the exchange in mid-July.
The suspect, software engineer Rahul Agarwal, is believed to have had his login details stolen, which allowed hackers to break into the platform and move $44 million worth of digital assets.
According to a July 31 report by The Times of India, the arrest came after CoinDCX’s parent company, Neblio Technologies, carried out an internal investigation.
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They found that someone had used Agarwal’s work laptop to gain access to company systems. When questioned, Agarwal denied being involved in the theft.
However, he admitted to doing freelance work for several clients while still employed at CoinDCX. Authorities have seized his laptop as part of the investigation.
Neblio’s vice president, Hardeep Singh, confirmed that Agarwal was a full-time employee and had been given a company device meant only for work use. Police noted that the hackers got him to install harmful software, which gave them a way into the system without needing to steal anything directly.
CoinDCX CEO Sumit Gupta stated in a post on X that the company could not speak with reporters while the case was still active. He explained that this appeared to be a case of social engineering and that staff are often the main targets in such attacks.
On July 16, BigONE, a crypto exchange, confirmed it had been targeted in an external attack that resulted in $27 million being taken from one of its hot wallets. How did it happen? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
