• CoinDCX employee arrested in connection with $44 million crypto theft.
• The employee in connection is Rahul Agarwal.
• His login account was what gave the hackers access to the funds.

CoinDCX employee arrested in connection with $44 million crypto theft experienced on the Indian crypto exchange around 10 days ago. The funds being siphoned had to do with a hack through the server. In recent light, CoinDCX employee Rahul Agarwal has been arrested based on a possible connection with the theft reported by the popular local crypto exchange platform.

CoinDCX Employee Arrested in Connection With $44 Million Crypto Theft

Earlier this month, the Indian cryptocurrency exchange CoinDCX experienced a severe cybersecurity breach, which resulted in a loss of $44 million. Sumit Gupta, the company’s CEO and co-founder, confirmed the attack targeted one of the exchange’s internal operational accounts. This account was used for liquidity provisioning with an external platform and was accessed through a sophisticated server compromise.

Furthermore, CoinDCX clarified that the attacker only happened to have gained access to a single operational wallet. In addition, the exchange reported that user wallets remained unaffected, and the breach did not impact customer assets. According to the CEO, the compromised account was swiftly isolated, preventing the siphoning or movement of other funds. He also mentioned that the losses would be covered entirely from the company’s own treasury reserves.

The latest investigation findings now reveal the face behind this one compromised account. As we can see from the post above, CoinDCX employee Rahul Agarwal was arrested in connection with the $44 Million Crypto theft reported by the company. Investigations revealed that hackers compromised Agarwal’s login credentials to access the system and siphon off $44 million.

The question now lies in whether Agarwal was a victim or a culprit. Was he in league with the hackers, or was it just his misfortune that his account was the one the hackers targeted. Responses to the post show the same questions burning in the minds of the crypto community. Similar responses highlight the importance of cybersecurity, even if it is something as trivial as a strong password on one’s laptop.

CoinDCX Under the Spotlight

Lately CoinDCX has gained a lot of attention from the greater crypto community. The first may have been due to the $44 million hack on the platform. But, a lot of interest came from a rumor that Coinbase was negotiating to acquisition of CoinDCX. This rumor was immediately shut down by CoinDCX CEO, Sumit Gupta, who swiftly responded with a clear statement saying that CoinDCX was not up for sale.