CoinDCX Employee Targets Fake Job Offer Leading to $44 Million Cybertheft

Indian crypto exchange CoinDCX has confirmed a $44 million cybertheft, with police attributing the breach to a sophisticated social engineering attack. According to Bengaluru police, a 30-year-old employee, Rahul Agarwal, was lured into installing malware under the pretense of a part-time job offer. The malware enabled hackers to access internal wallet systems operated by Neblio Technologies, CoinDCX’s parent company. Agarwal, now in custody, claims he was unaware of the scheme until confronted during an internal investigation. His company-issued device has been seized as part of the ongoing probe [1].

The attack exploited corporate access credentials, which allowed unauthorized withdrawals to be executed within the exchange’s internal operational wallet. CoinDCX CEO Sumit Gupta previously stated the breach was tied to internal systems and confirmed the company would bear the financial loss. The firm has also reassured users that their funds were not compromised [1].

Authorities have not yet disclosed where the stolen assets were transferred or whether recovery is possible. Investigations are also examining the potential involvement of foreign actors, although no group has officially claimed responsibility. This marks the second major cyberattack on an Indian crypto exchange in the past year. In July 2024, WazirX suffered a $230 million exploit attributed to North Korea’s Lazarus group, with restructuring efforts stalled following a recent Singapore court decision [1].

In an effort to recover the stolen funds, CoinDCX co-founder Neeraj Khandelwal has announced a “Recovery Bounty Programme,” offering a 25% reward—approximately $11 million—to anyone who assists in tracking down the assets. The initiative reflects the company’s proactive stance amid ongoing legal and regulatory scrutiny [1].

The incident highlights the growing sophistication of cyberattacks in the cryptocurrency sector, particularly through employee-targeted social engineering tactics. It underscores the urgent need for robust internal security protocols and employee training to prevent similar breaches in the future. As investigations continue, the case may set a precedent for how exchanges respond to and recover from large-scale cyber incidents.

Source: [1] [Hackers used fake job offer to target CoinDCX employee, steal $44 million: report](https://www.theblock.co/post/364993/coindcx-employee-arrested-police-crypto-theft?utm_source=rss&utm_medium=rss)