CoinDCX USDT Hack: $44M Don Chop, Engineer Don Arrest, Bounty
For July 19, di CoinDCX USDT hack tey lead to di theft of $44 million through six internal wallet dem after one test transfer. Di attackers dem use social engineering attack we dem target Rahul Agarwal, one senior engineer, dem compromise im work laptop with malware to capture im login info. Bengaluru cybercrime officers catch Agarwal on July 26, dey accuse am of collusion and say im receive $17,000 and suspicious files through WhatsApp. No customer money lost; di breach only affect operational liquidity accounts. As response, CoinDCX start recovery bounty wey dey offer 25% of any money wey dem fit reclaim, up to $11 million. Dis CoinDCX USDT hack show di growing security wahala for centralized exchanges and di need for better protocols.
Neutral
Di matter na involve internal liquidity wallets dem and e no affect customer holdings or the USDT peg. Even though e raise bigger concerns about exchange security and fit make pesin dem lose confidence for centralized platforms, e get small direct impact for USDT market price. Traders no too likely to change dia positions just because of this breach, so USDT short-term and long-term price outlook remain basically unchanged.