Engineer Arrested After Hackers Loot $44M From CoinDCX

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Software Engineer Arrested After Hackers Loot $44 Million From CoinDCX

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 31, 2025

Key Takeaways

CoinDCX software engineer Rahul Agarwal was arrested after hackers stole $44 million using his work laptop;
Agarwal denied any role in the theft but admitted to freelance jobs while at CoinDCX;
Police stated that hackers used malware and social engineering to access the exchange’s systems.

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Software Engineer Arrested After Hackers Loot $44 Million From CoinDCX

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Police in Bengaluru, India, have taken a CoinDCX $7M employee into custody following a crypto theft that hit the exchange in mid-July.

The suspect, software engineer Rahul Agarwal, is believed to have had his login details stolen, which allowed hackers to break into the platform and move $44 million worth of digital assets.

According to a July 31 report by The Times of India, the arrest came after CoinDCX’s parent company, Neblio Technologies, carried out an internal investigation.

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They found that someone had used Agarwal’s work laptop to gain access to company systems. When questioned, Agarwal denied being involved in the theft.

However, he admitted to doing freelance work for several clients while still employed at CoinDCX. Authorities have seized his laptop as part of the investigation.

Neblio’s vice president, Hardeep Singh, confirmed that Agarwal was a full-time employee and had been given a company device meant only for work use. Police noted that the hackers got him to install harmful software, which gave them a way into the system without needing to steal anything directly.

CoinDCX CEO Sumit Gupta stated in a post on X that the company could not speak with reporters while the case was still active. He explained that this appeared to be a case of social engineering and that staff are often the main targets in such attacks.

On July 16, BigONE, a crypto exchange, confirmed it had been targeted in an external attack that resulted in $27 million being taken from one of its hot wallets. How did it happen? Read the full story.