Police in Bengaluru, India, arrested a Coindcx software engineer in connection with the flight of 3.79 billion rupees ($ 43.4 million) in the schpto of the Stock Exchange last month, reported the Times of India.
Local police have identified the suspect as Rahul Agarwal, 30, whose titles for identifying laptops issued by the office were used to access Coindcx internal systems and initiate unauthorized transfers on July 19. The stolen assets were sent to six wallets in a coordinated breach, according to investigators.
Agarwal denied direct involvement, but admitted to be independent for unknown customers abroad. He also received a 1.5 million rupeed deposit and a WhatsApp call from a German number shortly before the incident. Police investigate the question of whether malicious software or improper use of identification information during their secondary work has allowed hacking.
The parent company of the exchange, Neblio Technologies, conducted an internal investigation and confirmed that all customer assets remain safe. Coindcx said he would absorb the losses of his own treasure.
The incident has raised concerns about internal security and potential links with international hacking groups. The authorities investigated a possible North Korean involvement, echoing the tactics used in previous violations linked to cryptography.
The stolen funds have not been recovered. Surveys are underway.
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