An employee of the Indian cryptocurrency exchange CoinDCX has been arrested following a significant breach that resulted in a loss of $44 million.
Circumstances of the Arrest
Rahul Agarwal, a software engineer at Neblio Technologies, the parent company of CoinDCX, was detained by Bengaluru police after it was revealed that hackers accessed his login credentials. The breach led to $44 million in digital assets being stolen across six different wallets.
Agarwal's Role and Access
30-year-old Agarwal was noted to be a full-time employee with access to sensitive infrastructure, utilizing a company-issued device. He denies involvement in the incident but acknowledged that he had taken freelance jobs with several private clients.
Ongoing Investigations
The investigation is ongoing, with authorities suspecting that the breach may have been executed through a sophisticated social engineering attack. Reports suggest Agarwal may have inadvertently installed malware on his device, allowing hackers access.
Currently, CoinDCX has confirmed the breach but assures that customer funds were not affected. Investigations are ongoing.
