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One of India’s biggest crypto heists took a dramatic twist when Bengaluru police arrested a CoinDCX software engineer. The detainment comes after $44 million of funds vanished from the platform, and it may all boil down to a classic case of social engineering. The suspect, Rahul Agarwal, was a full-time employee at CoinDCX with access to internal systems. On July 19, around 2:37 am, someone used his credentials to transfer just one USDT, which was a test run. Meanwhile, by 9:40 am, the hackers had siphoned off a jaw-dropping ₹379 crore ($44 million) across six wallets. Freelance gig or inside job? CoinDCX’s internal probe revealed that Rahul’s company laptop had been compromised. The suspect claimed that he was unaware of the breach and insisted he was a victim himself. However, he admitted to taking freelance gigs from unknown third parties via WhatsApp calls and foreign numbers, which eventually raised serious red flags. Police reportedly found ₹15 lakh ($17,000) deposited into Rahul’s account from unknown sources. One of the files he received from these “clients” may have been a Trojan that gave hackers access to CoinDCX systems. He was detained on July 26, and investigations are in full swing now. The massive hack came to light when the on-chain sleuth ZachXBT flagged a breach at CoinDCX . Later, the platform’s CEO, Sumit Gupta, confirmed the incident. ZachXBT, in a post, highlighted that a CoinDCX team member was telling people to engage with Sumit’s post to appreciate the platform’s transparency. Meanwhile, the CoinDCX team waited for 17 hours to disclose the breach, and that came after the sleuth alerted the public about the incident. Source: ZachXBT’s X Reacting to the arrest, ZachXBT stated “why are people so negligent?” He also wrote, “is a software engineer, yet opens random files sent to him on a company laptop.” CoinDCX blames sophisticated attackers CoinDCX CEO, in a fresh post, mentioned that some media reports have surfaced referencing the FIR the platform filed with the Karnataka Police regarding the security incident that impacted the platform. However, as the investigation is ongoing, they cannot engage with the media or public on the issue. He added that the breach appears to be the result of a “sophisticated social engineering attack”, with the attackers targeting employees to compromise internal systems. They claim that the company is fully cooperating with law enforcement. Some media reports have surfaced referencing the FIR we filed with the Karnataka Police regarding the security incident that impacted our platform. As this is an ongoing investigation, we unfortunately cannot engage with the media or public on this issue. We want to ensure the… — Sumit Gupta (CoinDCX) (@smtgpt) July 31, 2025 The platform has launched a “Recovery Bounty Programme” offering 25% of any retrieved funds to anyone who can help. That’s a cool $11 million in bounty, one of the largest ever seen in India’s crypto space. On the market side, the global crypto market cap surged marginally over the last day to stand at $3.89 trillion. Bitcoin price is up by 30% in the last 30 days, hovering above the $118k zone. Ethereum added 57% of gains in the same period. ETH is trading at an average price of $3,857. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
Ethereum (ETH) has been in the spotlight recently for its stunning surge. To this point, it's seen its best monthly return in three years, rising 56%. Ethereum's rise has surpassed that of Bitcoin. According to data, Ethereum's return reached 56% in the last month, while its value gained over 113% in the last three months. While Bitcoin reached its $123,000 ATH, the rally remained limited. Data shows that Bitcoin's monthly return is over 10%, with gains over the last three months remaining around 27%. CryptoQuant said that the rise in Etheruem was not due to capital inflow from Bitcoin, but rather an influx of new money altogether. Bloomberg Senior ETF analyst Eric Balchunas called Ethereum a “tech stock of the 90s” following recent strong ETF inflows and strong gains. At this point, Balchunas attributed ETH's recent price performance to net inflows into spot ETH ETFs. Balchunas also likened Ethereum to the new tech stocks of the 90s in terms of accelerating adoption and network growth, unlike Bitcoin's “new gold” narrative. Spot Ether ETFs recorded a 19-day streak of net inflows this month, the longest such streak in history. “Ethereum Looks Like '90s Tech Stocks as ETF inflows Soar. This is a reminder that altcoin ETFs are more like '90s tech stocks than Bitcoin's 'new gold' appeal. Two blockchains, but very different operations.” *This is not investment advice. Continue Reading: Bloomberg ETF Analyst Compares Ethereum to Bitcoin! Explains the Source of ETH's Rise!
JPMorgan Chase is teaming up with Coinbase in a partnership set to redefine crypto access for millions of Americans by 2026. This strategic alliance bridges the traditional banking sector with the expanding digital asset space, with the express aim to simplify and democratize cryptocurrency access. Starting in fall 2025, Chase credit card holders will be able to fund their Coinbase accounts directly, a significant development in making crypto more accessible through familiar banking tools. By 2026, Chase customers will also gain the ability to link their bank accounts directly to Coinbase, further easing the buying, selling, and storing of digital currencies like Bitcoin and Ethereum. Coinbase Deal: USDC Rewards and Credit Card Integration One of the most notable features of this partnership is the conversion of Chase Ultimate Rewards Points into USDC, a U.S. dollar-backed stablecoin. Customers will be able to redeem 100 points for $1 in USDC via Coinbase over the Base network. This represents the first major credit card rewards program that supports crypto redemption, an innovation JPMorgan says aligns with customer demand for more versatile and future-facing financial tools. Melissa Feldsher , JPMorgan’s Head of Payments and Lending Innovation, noted that the initiative provides a “secure and convenient” way for customers to interact with digital assets using existing reward ecosystems. Traditional Finance Embraces Digital Assets The partnership signals a broader shift in attitude among major financial institutions. JPMorgan, once skeptical of cryptocurrencies, is now exploring crypto-backed lending, stablecoin applications, and wider digital asset adoption. The collaboration with Coinbase is seen as a response to mounting customer interest in decentralized finance (DeFi) and evolving regulatory clarity. With over 80 million Chase customers in its network, JPMorgan’s move could be a catalyst for widespread mainstream crypto use soon. Analysts view this integration as a step toward merging legacy finance with crypto infrastructure, offering improved interoperability and reducing friction for crypto adoption. Cover image from ChatGPT, chart from Tradingview
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Hackers stole $44M via malware on CoinDCX employee’s laptop, exploiting company security. Employee arrested; unaware of theft; paid for tasks, claimed part-time job income. CoinDCX vows full compensation; stolen funds moved to foreign wallets, hard to trace. Indian police are currently investigating the theft of $44 million in cryptocurrency from the CoinDCX exchange. According to reports, hackers gained access to the company’s wallets by compromising an employee’s work laptop using malware installed without his knowledge. The attackers initially offered Rahul Agarwal, an exchange employee, a part-time online job involving simple tasks such as writing reviews. Agarwal began using his personal computer for these tasks but later switched to his work laptop, where hackers secretly installed malware to access secure wallets. Authorities have arrested Agarwal, but investigators believe he was unaware of the impending theft. Agarwal reportedly received about 1.5 million rupees (around $18,000) as payment for the tasks and explained this income to internal investigators as earnings from a part-time job. The investigation has been complicated by the transfer of stolen funds to six foreign wallets, making it extremely difficult to trace the cryptocurrency without cooperation from overseas exchanges. On July 22, CoinDCX management released an official statement concerning the incident. The company assured users that it is prepared to fully reimburse the losses using its financial reserves. CoinDCX emphasized that its annual revenue exceeds $132 million and that its treasury and corporate reserves are fully supported by investor backing. This incident highlights the ongoing risks of cyberattacks in the crypto industry and underscores the importance of robust employee cybersecurity protocols. As exchanges continue to grow, maintaining strict internal controls and rapid incident responses will be crucial for protecting customer assets and sustaining market trust.
Chinese investors are reportedly hawking gold and appear to be pivoting into local equities. New data from Bloomberg indicates China’s four major onshore gold-backed exchange-traded funds (ETFs) witnessed combined net outflows of about 3.2 billion yuan (worth nearly $450 million) so far this month. Steve Zhou, an analyst at Huaan Fund Management Co., tells Bloomberg that local Chinese retail investors are taking profits in gold and chasing upside in local equities. The CSI 300 Index, which aims to replicate the performance of the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, is up nearly 5.5% in the past month. Conversely, however, the Chinese government has reportedly been covertly buying much more gold than what public numbers disclose. Joseph Cavatoni, market strategist at the World Gold Council, tells MarketWatch that there is debate over whether the People’s Bank of China’s (PBOC) reported purchases fully capture its activity. Jan Nieuwenhuijs, an analyst at Money Metals, says the Chinese central bank’s gold holdings are likely more than double what is officially reported. Nieuwenhuijs claims the PBOC held 5,065 metric tons of gold in its reserve at the end of 2024, compared to its reported holdings of 2,280 metric tons. The latest data from the World Gold Council indicates the Chinese government holds 2,296 tons of gold. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Chinese Investors Sell Off Massive Amounts of Gold, Pivot Into This Asset Class As Bullion Prices Stall: Report appeared first on The Daily Hodl .
The guidelines are expected to cover leverage limits, user eligibility and risk disclosures for crypto lending activities.