An Unfortunate Affair: A CoinDCX Employee Entangled in a Crypto Scandal 🤦‍♂️

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It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife. However, in the bustling city of Bengaluru, a young gentleman of a well-paying role at CoinDCX found himself in rather more pressing circumstances—namely, the attention of the law.

A Most Unseemly Development

On a most unremarkable Thursday, the air of Bengaluru was abuzz with whispers of a scandal. Reports emerged that the esteemed Bengaluru City police had taken into custody one Mr. Rahul Agarwal, a software engineer of considerable talent and a member of the CoinDCX household, for his alleged participation in a nefarious act involving the theft of a sum so vast, it would make even the most generous dowry pale in comparison—$44 million in USDT, to be precise.

This turn of events followed a complaint lodged on the 22nd of July by the noble parent company, Neblio Technologies, after discovering that the security credentials of the aforementioned Mr. Agarwal had been compromised. It seems that for the past three years, Mr. Agarwal had been diligently serving the crypto exchange, little knowing the storm that was brewing beneath the surface.

Mr. Hardeep Singh, Vice President for Public Policy at Neblio, elucidated to The Times of India that Mr. Agarwal had become a person of interest during the company’s internal investigation, which revealed that the security credentials on his work laptop had been compromised, thereby allowing the dastardly thieves to siphon off a fortune in digital currency.

As reported by the ever-watchful Bitcoinist, the unfortunate breach occurred on the 19th of July, leading to the transfer of the substantial sum from the exchange’s coffers to the dubious accounts of six unknown individuals. Mr. Sumit Gupta, the CEO of CoinDCX, assured the public that the funds of the loyal patrons of CoinDCX remained secure, as the compromised wallet was but a humble operational account, used solely for the provision of liquidity on a partner exchange.

A ‘Sophisticated’ Assault on the Digital Realm

In a post on X, the illustrious Mr. Gupta shared, “Based on our internal preliminary findings, this appears to be a sophisticated social engineering attack,” though he lamented that the company could not engage with the media or public due to the ongoing investigation—a state of affairs that no doubt adds a layer of intrigue to the tale.

Nevertheless, he reassured his followers that “the integrity of the process is maintained” and that the crypto exchange is working hand in glove with the authorities to unravel the mystery.

According to the Deccan Herald, the cunning perpetrators had their sights set on Mr. Agarwal, luring him into a web of deceit with a fabricated job task. “The suspect first engaged in the task using his personal laptop, only to switch to his office device under the persistent urging of the malefactors,” a senior police officer confided to the press.

Upon interrogation, Mr. Agarwal confessed to using his office laptop for a part-time job, a transgression against the policies of CoinDCX, and admitted to earning a tidy sum of approximately $17,135 over the course of a year. Yet, he pleaded ignorance regarding the true nature of his part-time engagement, claiming it to be a mere ruse orchestrated by the scoundrels to infiltrate the exchange’s defenses.

The police noted that Mr. Agarwal received communications via WhatsApp from a German number, pertaining to files sent to him for completion—a bait, he argued, that the villains used to breach the system’s security.

Thus far, the authorities have concluded that “the investigation has unveiled that the employee was unwittingly ensnared and served merely as a pawn in the hands of the criminals. Despite this, he has been apprehended and placed in judicial custody, awaiting further inquiries.”

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2025-08-01 10:45