₹380 Crore CoinDCX Crypto Heist: Employee Held in Alleged Insider Job

A major cryptocurrency theft involving nearly ₹380 crore (around $44 million) has rocked CoinDCX, one of India’s top digital asset exchanges. The CoinDCX crypto heist has raised serious concerns about insider threats, and authorities suspect internal involvement, with one employee already taken into custody.

Inside the CoinDCX Crypto Heist: How the Theft Unfolded

The breach was discovered on July 19, when the company noticed unusual transactions on its platform. According to a police complaint filed by Hardeep Singh, Vice President of Public Policy and Government Affairs at CoinDCX, the perpetrators began with a small test transfer of just 1 USDT at 2:37 AM. A few hours later, a massive unauthorized transaction was executed, draining the platform of millions.

To hide their tracks, the hackers quickly moved the stolen funds across several wallets, complicating the traceability of the assets.

During the investigation, cybercrime officials uncovered signs that pointed to internal collusion. This led to the arrest of Rahul Agarwal, an employee of CoinDCX. Sources revealed that Agarwal had been moonlighting using a company-issued laptop, allegedly earning ₹15 lakh over the past year. Authorities suspect that he may have collaborated with outside attackers to orchestrate the theft.

Cybersecurity experts and digital forensics teams have now joined the probe. Their goal: to trace the movement of the stolen crypto and possibly recover the assets.

The case highlights the growing challenges in securing crypto infrastructure and the potential risks of insider threats in the digital finance industry.