- CoinDCX’s Rahul Agarwal linked to $44M crypto theft.
- Incident involved social engineering tactics, malware.
- Immediate cybersecurity concerns arise industry-wide.
A CoinDCX employee, Rahul Agarwal, was arrested in Bengaluru after his credentials were used in a $44 million crypto theft during a sophisticated social engineering attack on July 19, 2025.
The incident highlights vulnerabilities in workforce security, prompting industry concerns over social engineering and its potential impact on crypto asset flows and exchange safety.
Rahul Agarwal, a software engineer at CoinDCX, has been arrested following a crypto theft worth $44 million. Hackers used social engineering tactics, exploiting Agarwal’s credentials through a fake job offer and compromising his company laptop.
The sophisticated breach affected CoinDCX, prompting internal investigations by its parent company, Neblio Technologies. This event highlights the increasing threats of employee-targeted attacks within the cryptocurrency exchange sector, heightening security concerns.
Sumit Gupta, CEO, CoinDCX, described it as “a textbook case of social engineering,” confirming attackers exploited an employee through a fake job offer, leading to malware installation and the loss: source
Financial impacts are profound, with $44 million funneled through multiple wallets, primarily affecting USDT. This event represents one of India’s largest crypto heists, reflecting vulnerabilities in managing digital asset security in employee-driven environments.
Regulatory responses remain muted, with ongoing investigations by Bengaluru police. The event underscores a need for enhanced workforce cybersecurity awareness, potentially influencing future regulatory scrutiny and technological adaptations within the industry.
