
A Scam or an Inside Job? How CoinDCX Lost $44M in Crypto
The company responded swiftly with a for any help in retrieving the funds, pledging 25% of the recovered amount and capping it at $11 million. The firm is now working closely with cybersecurity specialists and law enforcement to track the digital trail.
Rahul Agarwal was arrested by the Bengaluru police but denied having any role in the theft. He admitted to freelance work on his company laptop, which investigators believe may have opened the door to the breach. Internal audits confirmed unauthorized access occurred between 2:30 a.m. and 9:40 a.m. on July 19, with an initial $1 USDT test transaction leading to the larger heist.
On-chain analyst ZachXBT was among the first to detect irregularities. His findings prompted CoinDCX to alert authorities. Cyber experts believe the incident mirrors the 2024 theft, where attackers used similar human manipulation methods to steal $234 million.
As the digital assets market pushes up above $3.8 trillion, this breach sends a chilling message to all high-value exchanges about rethinking security around the nexus of technology and trust. The story of is not just about a theft or a loss. It represents a turning point in how crypto companies must look at internal access and employee risk. Ethereum is up 57% and Bitcoin has just now passed $118,000; interest will remain high among investors, but so will the threat.
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