Indian police are investigating a $44 million cryptocurrency theft from the CoinDCX exchange. Hackers used malware to compromise an employee's laptop.
Circumstances of the Theft
According to reports, the attackers gained access to the company's wallets by infecting an employee’s work laptop with malware. The stolen cryptocurrency was transferred to six foreign wallets, complicating efforts to trace the funds.
The Situation with the Employee
CoinDCX employee Rahul Agarwal was arrested, but investigators believe he was unaware of the impending theft. He reportedly received around 1.5 million rupees (about $18,000) for simple tasks, initially performed on his personal computer but later switched to his work laptop.
CoinDCX's Measures and Industry Risks
On July 22, CoinDCX management released an official statement assuring users that it will fully reimburse the losses using its financial reserves. The company highlighted its annual revenue exceeding $132 million and full investor backing for its treasury. This incident underscores the ongoing risks of cyberattacks in the crypto industry and the importance of robust employee cybersecurity protocols.
The CoinDCX incident serves as a reminder of the need for high security standards in the cryptocurrency sector, especially as the number of exchanges and threats increases.
