- Hackers stole $44M via malware on CoinDCX employee’s laptop, exploiting company security.
- Employee arrested; unaware of theft; paid for tasks, claimed part-time job income.
- CoinDCX vows full compensation; stolen funds moved to foreign wallets, hard to trace.
Indian police are currently investigating the theft of $44 million in cryptocurrency from the CoinDCX exchange. According to reports, hackers gained access to the company’s wallets by compromising an employee’s work laptop using malware installed without his knowledge.
The attackers initially offered Rahul Agarwal, an exchange employee, a part-time online job involving simple tasks such as writing reviews. Agarwal began using his personal computer for these tasks but later switched to his work laptop, where hackers secretly installed malware to access secure wallets.
Authorities have arrested Agarwal, but investigators believe he was unaware of the impending theft. Agarwal reportedly received about 1.5 million rupees (around $18,000) as payment for the tasks and explained this income to internal investigators as earnings from a part-time job.
The investigation has been complicated by the transfer of stolen funds to six foreign wallets, making it extremely difficult to trace the cryptocurrency without cooperation from overseas exchanges.
On July 22, CoinDCX management released an official statement concerning the incident. The company assured users that it is prepared to fully reimburse the losses using its financial reserves. CoinDCX emphasized that its annual revenue exceeds $132 million and that its treasury and corporate reserves are fully supported by investor backing.
This incident highlights the ongoing risks of cyberattacks in the crypto industry and underscores the importance of robust employee cybersecurity protocols. As exchanges continue to grow, maintaining strict internal controls and rapid incident responses will be crucial for protecting customer assets and sustaining market trust.
