Coindcx Software Engineer arrested in connection with $ 44 million hack (report)

The Indian stock exchange is the newest victim of bad actors who exploit the vulnerabilities and take control of internal systems, causing millions of dollars to be lost.

The losses this year are generally already in billions and unfortunately continue to increase at an alarming pace.

Details about what happened

A local Indian news output, the Times from India, shared The story about Rahul Agarwal, a staff member of the Coindcx grant, whose login details was affected. He was taken into custody by the Bengaluru authorities, reportedly linked to a £ 379 crore ($ 44 million) exploit of funds.

The alarm was called after a complaint from Nebilo Technologies, the company that manages the exchange. Their vice president for public policy, Hardep Singh, stated the following:

“Rahul played a permanent role within the company and he got a laptop strictly for work. Our research began after we discovered that an unknown person had not received authorized access to our systems on July 19, around 2:30 am, by transferring 1 USDT to an external wallet. A few hours later, around 9:30, the $ 44 million was $ 44 million.

During his interrogation by the police, Agarwal maintained his innocent attitude and claimed that he knew nothing about the hack. However, he admitted that he worked “moonlight” (a second job outside of regular office hours) with three to four private parties, without thoroughly checking them.

It is also noted that the accused £ 15 Lakh (~ $ 17,000) received from an unknown source on his personal bank account. The Bengaluru police also point out that Agarwal claimed they had received a phone call from a German telephone number, which stated that he “had a few files to complete”.

He believes that one of those files is equipped with malware, which gave the attackers access to the internal systems of Coindcx, and he remained unclear that he was not aware of what happened until the company called him.

The founder and CEO of the fair, Sumit Gupta, shared The bitter news of the attack on X, which calls it an ‘advanced social engineering attack’, but without making further information about what had happened.

Some media reports have surfaced, referring to the FIR that we have submitted to the Karnataka police about the security incident that influenced our platform.

Since this is an ongoing investigation, we unfortunately cannot get in touch with the media or the public about this issue. We want to ensure that the …

– Sumit Gupta (Coindcx) (@Smtgpt) July 31, 2025

Heavy losses

Unfortunately, the attacks on crypto exchanges increase, which increases in complexity and the damage to their treasury is considerable.

Most Remarkable example is the hack on Bybit in February, which resulted in a loss of $ 1.5 billion, Coupled to the Noord -Korean Lazarus group.

In general, 2025 stolen huge amounts of funds, only in the first half of the year stolen funds, topping records from previous years.

These incidents serve as an example of how geopolitical tensions, vulnerabilities of cyber security and advanced opponents continue to pose a considerable risk for even established cryptocurrency platforms.