A major cryptocurrency theft worth Rs 379 crore has rocked one of India’s top crypto trading platforms, CoinDCX. Bengaluru police have arrested a software engineer working with the company in connection with the case.
Huge Crypto Theft Shakes CoinDCX
The arrested techie is a 30-year-old who was working as a permanent employee at CoinDCX. The incident came to light when the company reported a suspicious transfer of $44 million worth of digital assets (roughly Rs 379 crore) to multiple unknown wallets.
This massive theft took place in the early hours of July 19. Around 2:37 am, the company noticed a transfer of one USDT (a type of cryptocurrency) to a wallet. By 9:40 am the same day, hackers had transferred the remaining funds to six other wallets.
The company immediately began an internal investigation and found that the hacker had used the login credentials of one of their employees. This login was used to gain access to confidential financial systems.
Hacker Got In Through Techie’s Laptop
Investigators revealed that someone had compromised the employee’s official work laptop. Security teams discovered that the hacker used the laptop’s credentials to breach the company’s crypto systems.
The engineer claimed he had no idea about the theft and that he had not shared his login details with anyone knowingly. However, during questioning by the police, he admitted to working for 3-4 private clients outside of his main job. This practice, known as moonlighting, involves taking up freelance work alongside a full-time job.
The employee said he had received a WhatsApp call from a German phone number. The caller reportedly asked him to check a few files sent for some technical work. He said he had opened the files, not knowing that one of them might have allowed a hacker to access his system.
Police said this could have been a trap. The file may have contained malware, a type of software that secretly allows someone else to control the computer. Once the hacker was inside the laptop, they likely found a way into the company’s internal systems.
Suspicious Payment and Arrest
Further checks revealed another shocking detail. A sum of Rs 15 lakh was deposited into the techie’s bank account from an unknown source. He told the police he did not know where the money came from.
As the investigation progressed, the police found enough evidence to detain him. The Whitefield CEN Crime Police arrested him on July 26. His laptop was seized for a detailed forensic check.
The complaint was officially made by the company running CoinDCX. As per officials, the employee had access to important systems and was trusted with sensitive financial data. Therefore, the breach using his login raised serious concerns.
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Although the techie insists he had no direct role in the theft, the timing of the login and the external payment have, nevertheless, made him a prime suspect.
In the meantime, the company has not shared any further details about how the hacker moved the stolen cryptocurrency or whether anyone can recover it. At present, cybercrime officials are tracking the wallets where the hacker sent the money.
Overall, the case has highlighted how even a small security slip can lead to huge losses in the world of cryptocurrency. Consequently, it serves as a reminder for all companies to keep their digital assets tightly secured.
