Police in Bengaluru, India, arrested a COINCX software engineer in relation to the theft of 3.79 billion rupees ($ 43.4 million) in cryptographic assets of the exchange last month, The Times of India on Thursday reported Thursday.
The Local Police identified the suspect as Rahul Agarwal, 30, whose laptop credentials issued by the office were supposedly used to access the internal systems of COINDCX and initiate unauthorized transfers on July 19. The stolen assets were enruted to six wallets in a coordinated violation, according to the researchers.
Agwal denied direct participation, but admitted independent work for unknown clients abroad. He also received a 1.5 million break deposit and a WhatsApp call from a German number shortly before the incident. Police are investigating whether malware or misuse of credential during their lateral work enabled hack.
The parent company of the exchange, Neblio Technologies, made an internal probe and confirmed that all customer assets remain safe. Coindcx said he will absorb the losses of his own treasure.
The incident has raised concerns about internal security and possible links with international piracy groups. The authorities are investigating the possible participation of North Korea, echoing the tactics used in previous infractions related to cryptography.
The stolen funds have not recovered. The investigations are ongoing.
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