Police in Bengaluru, India, have arrested a CoindCX software engineer in connection with theft of Rs 37.9 crore ($43.4 million) of crypto assets from the exchange last month, The Times of India reported on Thursday.
Local police have identified the suspect as 30-year-old Rahul Agarwal. RahulAgarwal was used to access CoindCX’s internal system and begin unauthorized transfers on July 19th.
Agarwal denied direct involvement, but admitted freelance for unknown overseas clients. He also received a deposit of Rs 1.5 lakh and a WhatsApp call from German numbers just before the incident. Police are investigating whether malware or misuse of qualifications during his sidework allowed hacking.
Neblio Technologies, the parent company of the exchange, has implemented an internal probe to ensure that all customer assets remain secure. Coindcx said it would absorb losses from its own Treasury Department.
The incident raises concerns over internal security and potential links to international hacking groups. Authorities have investigated the possibility of North Korea’s involvement, reflecting tactics used in previous cryptography violations.
The stolen funds have not been collected. An investigation is underway.
Read more: North Korean hackers target top crypto companies with malware hidden in recruitment applications
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