Rahul Agarwal, a software engineer from Bengaluru, was arrested following the theft of $44 million in cryptocurrency from CoinDCX. Security issues in the industry are once again at the forefront.
Incident Details
Agarwal was apprehended on July 26, 2025, after an internal investigation revealed that hackers accessed CoinDCX's servers by compromising his login credentials. The theft occurred on July 19, with funds redirected to six crypto wallets.
CoinDCX's Response
According to the statement from CoinDCX's parent company, Neblio Technologies, the theft affected internal liquidity funds rather than customer assets, which helped mitigate public panic. CoinDCX announced it would cover the losses from its reserves, a rare move in the crypto sector.
Security Concerns and Next Steps
Security experts highlight inadequate endpoint security as a key vulnerability. The incident raises important discussions about employee training and access controls in the crypto industry. CoinDCX is expected to conduct a thorough review of its security protocols.
The arrest of Rahul Agarwal and the theft at CoinDCX raise significant security concerns in the cryptocurrency sector. The incident serves as a reminder of the need for enhanced cybersecurity measures.
