Rahul Agarwal or Global Hackers? CoinDCX Cryptocurrency Theft Deepens

India’s top crypto exchange CoinDCX is in hot water after a major cyberattack led to a loss of nearly $44 million (₹384 crore). The company behind CoinDCX, Neblio Technologies, confirmed the breach, calling it one of Bengaluru's largest cryptocurrency theft cases to date.

The stolen funds were traced through six accounts and finally landed in a wallet suspected to be linked to North Korea’s Lazarus Group. But what’s more shocking is the arrest of Rahul Agarwal, a CoinDCX employee from Jharkhand. His official work laptop was reportedly used in the hack, according to a Times of India report .

Investigators found that Rahul Agarwal had been unknowingly involved in a fake online part-time job, which allowed scammers to access both his personal and office systems. While some believe he was just a victim of social engineering, others are not so sure. He is now under judicial custody as police dig deeper.

Real Hacker Caught or Just a Scapegoat? Bounty Stunt Suspected

Many in the community are questioning if Rahul Agarwal is truly behind the CoinDCX hack , or if he’s being used as a scapegoat. As per CoinDCX founder Sumit Gupta, the hack was likely done through a sophisticated social engineering attack, where employees are tricked into giving access unknowingly.

Sumit Gupta said on X :

“We are cooperating with authorities. Based on our findings, this appears to be a social engineering case. No conclusions have been made yet.”

Source: X

Interestingly, this arrest happened just after the exchange announced a 25% bounty on any recovered crypto funds. Some are linking the arrest to this reward program, speculating if someone named Rahul just to win the bounty. As of now, there is no official proof against him from the police or the exchange team.

Team Silent—Is It a Cover-Up or Strategic Delay?

Besides Sumit Gupta, other team members like Neeraj Khandelwal and Mridul Gupta have remained silent. This has raised eyebrows in the crypto world. Some fear a cover-up, while others believe it’s just a careful legal step.

Based on the available data, the attack happened on July 19, and only one internal liquidity account was affected. All customer funds remain safe and stored in cold wallets. The team is working with cybersecurity experts to track the hackers and recover stolen assets.

Source: X

Has the CoinDCX Hack Grown Into a Full-Blown International Cyber Crime?

This is not just an internal case. Reports by Times of India and Hindustan Times hint at international hacker involvement, possibly from Germany or South Korea. Many now believe this hack was done by the Lazarus Group, the same group behind the Bybit hack worth $1.5 billion.

Other recent attacks like the Zoom phishing attempt on Manta Network co-founder also point to this group. These events show that top crypto leaders and Indian exchanges like CoinDCX and even WazirX hack are now under threat from global cybercriminals.

There have also been unrelated Coinbase acquisition rumors , but Sumit Gupta quickly denied them, calling them baseless. He said,

“Ignore the rumours! CoinDCX is not for sale and we are building for India’s crypto story.”

Investors Beware: Is It Time to Stay Extra Cautious After the Hack?

Though the co-founder Sumit Gupta has assured that user funds are safe, investors are still advised to stay alert. Hackers may now try to fool individual investors too.

The company urges people to rely only on official channels and not fall for phishing traps. Users are also reminded to always verify any login or transaction request and never share passwords.

Conclusion

The coindcx cryptocurrency theft is still under investigation. Whether Rahul Agarwal is guilty or just another victim remains unclear. For now, the exchange users are safe—but this incident is a wake-up call for the entire Indian crypto ecosystem.

Disclaimer: This article is based on public news sources and official statements. It is not investment advice. Always verify from official sources before taking action.