A sophisticated cyber heist that saw $44 million drained from the Indian cryptocurrency exchange CoinDCX has been linked to a deceptive side job offer, according to Bengaluru police.
The breach, which took place in July, occurred after hackers posing as recruiters tricked a company employee into installing malware on a work laptop, granting them access to the exchange’s systems and enabling the massive theft.
Investigations reveal that 30-year-old developer Rahul Agarwal fell victim to the scheme after receiving a part-time job offer. Unbeknownst to him, downloading the attached file introduced malicious software onto his company-issued device.
This breach allowed attackers to infiltrate CoinDCX’s internal networks, operated by Neblio Technologies, and siphon off the cryptocurrency from the exchange’s wallets.
Agarwal has been detained, and his laptop has been seized as evidence. He maintains that he was unaware of the file’s malicious intent until an internal investigation uncovered the breach.
CoinDCX first disclosed the hack in mid-July, attributing the incident to an “internal vulnerability” and pledging to cover the losses using its own reserves.
The exchange’s leadership has reassured users that customer funds remain secure and unaffected by the attack. The company is working to trace the stolen assets, while police continue to probe the hackers’ methods and potential accomplices.
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This case underscores the growing sophistication of phishing attacks targeting crypto firms, where fake job offers serve as a Trojan horse for malware. As the investigation unfolds, it serves as a stark reminder of the vulnerabilities within even the most secure digital ecosystems — and the human element that can sometimes be the weakest link.
