Indian Police Arrest CoinDCX Employee for $44 Million Theft

The investigation into the massive CoinDCX hack took an unexpected turn when police arrested an employee of the Indian crypto exchange in connection with the theft of $44 million.

The man in question is Rahul Agarwal, a 30-year-old software engineer from Bangalore, known as India’s Silicon Valley, who was arrested by local police on July 26.

Agarwal worked full-time at CoinDCX and was given a laptop that could only be used in the office. Investigators then discovered that hackers used login credentials from Agarwal’s corporate laptop to gain access to the system and withdraw $44 million in digital assets.

The exploit occurred on the morning of July 19. However, the first breach was detected when one USDT was transferred from the CoinDCX platform to an external wallet.

Over the course of several hours, large sums of money were transferred to six different crypto wallets in unauthorized transactions. According to police, an internal review of Neblio Technologies, the holding company of CoinDCX, found that only Agarwal’s laptop had been hacked.

When the company’s vice president, Hardeep Singh, noticed suspicious activity, Agarwal was called in for questioning. He denied any involvement in the theft but admitted to working as a freelancer for several private clients. He also received a WhatsApp call from a German number and files that could compromise his system. Police also found that Agarwal had received a payment of $17,116 into his bank account from unknown sources.

Law enforcement officers seized the crypto exchange employee’s devices and said they would continue to investigate the exploit.

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