Cyber heist hits Bengaluru cryptocurrency firm

In one of India’s largest reported cyber thefts, Neblio Technologies Pvt. Ltd., a Bengaluru-based cryptocurrency firm, has reported a staggering loss of ₹384 crore following a sophisticated breach of its digital asset platform, CoinDCX. The cyberattack occurred on July 19 and came to light after an internal audit and a police complaint filed on July 22.

According to Hardeep Singh, the company’s Vice President of Public Policy and Government Affairs, hackers managed to siphon off the equivalent of $44 million from the company’s cryptocurrency wallet into six separate accounts. The incident triggered immediate internal scrutiny and led to the suspicion of an inside job.

The probe has revealed that an employee, Rahul Agarwal, may have played a key role in the breach. Company-issued devices meant strictly for official use were allegedly misused by Agarwal, who had ₹15 lakh deposited in his personal bank account. When questioned, he claimed to be working a part-time job, raising further suspicion of collusion with external actors. A spokesperson for Neblio urged caution, stating that the matter remains under active investigation and warned against the spread of unverified information that could compromise proceedings.

The Whitefield CEN Police have registered a case under multiple sections of the Information Technology Act and Bharatiya Nyaya Sanhita (BNS), including cyber fraud, data theft, criminal breach of trust, and identity theft. Officials confirmed that further investigation is ongoing and that additional arrests and details may emerge as authorities deepen their inquiry into this massive cybercrime.