Latest news with #CoinDCX
Time of India
2 hours ago
- Business
- Time of India
Bengaluru techie held for Rs 379 crore crypto theft in his company
BENGALURU: Investigation of the Rs 379 crore cryptocurrency theft reported by CoinDCX has led to Bengaluru City police arresting a software engineer of the company after hackers allegedly succeeded in compromising confidential financial processes using his login credentials. The arrested employee is Rahul Agarwal (30), a resident of Carmelaram area, and he is from Haridwar, Uttarakhand. The arrest follows a complaint by Neblio Technologies, which runs crypto trading platform CoinDCX. Quoting Neblio vice-president (public policy) Hardeep Singh, police said: "Rahul was on permanent rolls of the company and he was given a laptop strictly for office work. He came under the scanner after the company found out that an unknown person had hacked into the system at 2.37am on July 19 and transferred one USDT to a wallet. Around 9.40am, the hacker siphoned off $44 million (Rs 379 crore) and transferred it to six wallets. " When the company conducted an internal probe, it was found the security credentials of Rahul's laptop were compromised, allowing the hacker to access the company's server. Following this, his laptop was seized and examined.
Yahoo
5 hours ago
- Business
- Yahoo
CoinDCX Dismisses Report of Coinbase Acquisition Talks
CoinDCX, India's largest crypto exchange, dismissed a local media report that U.S. rival Coinbase (COIN) was looking to acquire it. "Ignore the rumours," CEO Sumit Gupta said Tuesday in a post on X. Earlier in the day Mint reported that Coinbase was in advanced talks to acquire the Mumbai-based company, citing two people with knowledge of the matter. The potential acquisition could value CoinDCX at less than $1 billion, a steep drop from its $2.2 billion valuation in 2021, it said. Mint's sources added that Coinbase already has equity in both CoinDCX and rival CoinSwitch. In his post, Gupta emphasized the exchange's India-focused strategy. "CoinDCX is 'super focused' on building for India's crypto story and not up for sale! Will share more later, but just wanted to clarify this upfront!" Gupta noted. Coinbase declined to comment. "We don't comment on rumors or speculation. We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap,' it said. CoinDCX recently suffered a $44 million security breach that targeted an operational wallet. The exploit was quickly contained, ensuring the crypto assets were untouched and safe in cold wallets. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Coin Geek
8 hours ago
- Business
- Coin Geek
CoinDCX denies reports of acquisition by Coinbase
Getting your Trinity Audio player ready... CoinDCX, India's first digital asset unicorn, has dismissed recent media claims that it is in advanced acquisition discussions with the United States-based digital asset powerhouse, Coinbase (NASDAQ: COIN). The media report suggested that Coinbase might purchase the Indian exchange for less than $1 billion—a valuation notably lower than CoinDCX's peak worth of $2.2 billion. This clarification comes during a turbulent time for CoinDCX, which recently faced a serious cybersecurity breach. Earlier in July, the exchange suffered a loss of approximately $44.2 million after one of its internal operational accounts was compromised. In response, CoinDCX claimed that it promptly secured the affected systems and introduced a recovery bounty initiative offering up to $11 million in rewards. The firm has also appealed to white-hat hackers and cybersecurity professionals to assist in tracking down and reclaiming the stolen assets. 'Amidst all the noise and media drama, building for crypto in India is tough. Super tough. But entrepreneurs thrive on challenges and there's unmatched joy in building something meaningful for the country!' CoinDCX co-founder Sumit Gupta wrote on X. CoinDCX made history in 2021 by becoming India's first digital asset exchange to achieve 'unicorn' status, following a $90 million funding round that brought its valuation to $1.1 billion. Building on that momentum, the company secured another $135 million in 2022, nearly doubling its valuation to approximately $2.15 billion. Continuing its growth trajectory, CoinDCX expanded its global footprint in July 2024 with the acquisition of BitOasis, a prominent digital asset exchange headquartered in Dubai. This strategic move marked a key milestone in the company's international ambitions. Around the same time, CoinDCX also broadened its trading offerings by listing the BSV token on its platform, providing users with increased options for buying, selling, and trading BSV. WazirX looking to restart operations' safely' In January 2025, CoinDCX signaled its intention to acquire rival exchange WazirX, reflecting a potential consolidation move within India's digital asset industry. Around the same time, CoinSwitch exchange stepped in with a $70 million asset recovery initiative to compensate WazirX users affected by the devastating cyberattack in July 2024. Once the leading digital asset exchange of India by trading volume, WazirX faced a steep decline since falling victim to a massive $235 million hack last year. The attack, attributed to the Lazarus Group linked to North Korea, severely impacted the platform's operations and user trust. The incident has further highlighted growing global concerns over the security vulnerabilities of digital asset exchanges. On July 18, 2025, around the same time CoinDCX lost $44.2 million in a cyberattack, WazirX wrote on X: 'A lot can happen in one year…Exactly a year ago, WazirX faced a major cyberattack. Global agencies, including law enforcement from the U.S., Japan, and South Korea, have formally confirmed that it was done by North Korean hackers. It disrupted operations, but not our determination. Since then, our focus has been crystal clear: restore trust, distribute assets, and restart operations safely.' WazirX announced that it has brought on board international cybersecurity specialists and is actively working with legal authorities as part of a comprehensive recovery plan. As a key part of this effort, the company secured a moratorium from the Singapore High Court, allowing it to rebuild its operations under judicial supervision and in accordance with legal protocols. To reinforce the safety of user assets, WazirX partnered with custodial service providers such as BitGo and Zodia Custody. The exchange also revealed that its proposed restructuring plan received strong support from stakeholders, with 93.1% of creditors voting in favor of the initiative. In line with evolving regulatory and operational requirements, WazirX said it has overhauled its internal structure. Under the new arrangement, Zanmai India, a Financial Intelligence Unit (FIU)-registered entity, will be responsible for managing the asset distribution process once the court formally approves and sanctions the restructuring scheme. 'This change requires a revote to reflect the updated framework, and we are ready. We have committed to speed from the start. Once the voting is over, the distribution of assets will take place within a few weeks,' the exchange wrote in the X post. 'The journey has never been about shortcuts, it's been about doing what's right, rebuilding the right way, and distributing assets as soon as possible…We are nearly there. Let's finish strong together,' it added. 'Crypto assets are unregulated in India' Over the past year, India has experienced two of its most severe digital asset security breaches, shaking confidence in the sector. The first occurred in July 2024, when WazirX fell victim to a massive cyberattack that resulted in the loss of nearly 45% of the exchange's total holdings. Again in July this year, CoinDCX confirmed a separate breach involving losses exceeding $40 million, further compounding the sector's challenges. These two incidents have affected India's leading digital asset platforms, underscoring deep vulnerabilities in local exchange infrastructure. Moreover, India's digital asset industry remains in regulatory limbo, with no comprehensive framework in place. This uncertainty continues to hamper the industry's growth, leaving exchanges and investors exposed to both legal ambiguity and operational risk. 'Crypto assets are unregulated in India and [the] government does not collect data on these assets,' Pankaj Chaudhary, Minister of State in the Ministry of Finance, told the Parliament on July 28. 'Crypto assets are by definition borderless and require significant international collaboration to prevent regulatory arbitrage. Therefore, any proposal for bringing model guidelines/rules can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards. The Reserve Bank of India (RBI) has issued advisories warning users, holders, and traders of virtual currencies or crypto assets about the potential risks, including economic, financial, operational, legal, and security concerns,' Chaudhary stated. The Indian government has brought virtual digital assets (VDAs) under the purview of the Prevention of Money Laundering Act (PMLA) to bring the transactions involving VDAs within the ambit of PMLA. Additionally, Chaudhary clarified that companies with exposure to digital assets are required to disclose their 'crypto' holdings in their financial statements. In December 2024, the Indian government stated that there was no definitive timeline for rolling out comprehensive virtual digital assets regulations. However, by June 2025, the government signaled a shift in approach, announcing plans to soon release a detailed discussion paper on digital assets. This paper will draw on insights from international bodies such as the International Monetary Fund (IMF) and the Financial Stability Board (FSB). India enforces one of the most stringent tax regimes on digital asset trading, including a flat 30% tax on all profits from digital assets, with no allowance for offsetting losses, a 1% tax deducted at source (TDS) on transactions exceeding ₹10,000 (approximately $116), and an 18% Goods and Services Tax (GST) on trading fees. According to a report by the Esya Centre, an Indian policy think tank, this framework could result in a potential loss of $1.2 trillion in trading volume on domestic exchanges. Watch: India is going to be the frontrunner in digitalization title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Indian Express
8 hours ago
- Business
- Indian Express
Hackers installed malware on laptop of Bengaluru crypto exchange CoinDCX's staffer to steal Rs 384 crore: police
The police investigating the alleged theft of cryptocurrency worth $44 million from CoinDCX, a cryptocurrency exchange operated by Bengaluru-based Neblio Technologies, said on Wednesday that hackers had installed malware on a company laptop used by Rahul Agarwal, an employee of the firm they have arrested over the crime. The police said the hackers installed malware on the pretext of giving Agarwal, a Jharkhand native who had worked with CoinDCX for the past three years, a part-time job. In a police complaint filed on July 22, Hardeep Singh, Vice-President, Public Policy and Government Affairs, Neblio Technologies, said that someone hacked into the company's wallet to transfer cryptocurrency worth $44 million (Rs 384 crore) at around 2.37 am on July 19 to six accounts. A police officer said the hackers tasked Agarwal, who had held a good position in the company, with writing reviews and also gave him other online tasks in return for good money. While Agarwal initially used his personal laptop, he later switched to his office laptop, on which the hackers managed to install the malware without his knowledge, according to the officer. The hackers thus gained access to CoinDCX and diverted money from its wallet. The police officer said, 'Agarwal was totally in the dark about the theft that has happened by hacking into his laptop. It was late for him to realise that he was used as a tool to siphon such a huge amount of cryptocurrency.' An internal investigation revealed that Agarwal had earned about Rs 15 lakh and when the company confronted him, he explained it as income from a part-time job he had been doing. The police are in a dilemma about establishing the money trail as there is barely any regulation on cryptocurrency in India or elsewhere in the world. 'If it was a bank transfer, we could find a money trial. But it seems to be impossible as the origins of the wallets (to which the cryptocurrency was transferred) is also not from India. If the crypto exchanges failed to share the data of the wallets, it would be a tough task,' the officer said. Neeraj Khandelwal, a co-founder of the firm, said during a live session on July 21, 'We've launched a Recovery Bounty Programme, committing 25 per cent of any recovered funds to those who help us. This is a fight against bad actors for the entire industry, and we invite the community to help us.' The bounty would amount to $11 million, around Rs 96 crore, according to the company. The Whitefield CEN police have registered a case under sections 66 (computer-related offences), 43 (penalty and compensation for damage to computer, computer system etc), 66(c) (identity theft) and 66(d) (cheating by personation by using computer resource) of the Information Technology Act as well as 303 (theft), 316 (4) (criminal breach of trust), 318 (4) (cheating), and 319 (2) (cheating by personation) of the Bharatiya Nyaya Sanhita.
NDTV
11 hours ago
- NDTV
Hackers Steal Rs 380 Crore In Cryptocurrency From CoinDCX, Employee Arrested
Bengaluru: Bengaluru police are investigating a massive cryptocurrency theft from leading crypto exchange CoinDCX after hackers allegedly siphoned off nearly $44 million (approximately Rs 384 crore) from the company's wallets. The theft came to light on July 19, when CoinDCX detected suspicious activity in its systems. According to the First Information Report filed on July 22 by Hardeep Singh, Vice President of Public Policy and Government Affairs at CoinDCX, the hackers first carried out a small test transfer of just 1 USDT at 2:37 a.m. Hours later, they made a massive transaction worth $44 million To avoid detection, the stolen cryptocurrency was moved through multiple wallets, making it difficult to trace. During the investigation, police found evidence of possible insider involvement and arrested Rahul Agarwal, a CoinDCX employee. Sources said Agarwal had been freelancing using a company-issued laptop without permission and had reportedly earned around Rs 15 lakh over the past year. Investigators believe he may have worked with external hackers to pull off the heist. Cybercrime teams are now working with forensic experts to track the flow of funds and recover the stolen cryptocurrency.
