CoinDCX Hack: Employee Duped, $44M Solana & USDT Stolen
CoinDCX hack occurred on July 19 when attackers used a fake job offer to dupe an employee into running tasks on his company laptop. This social engineering attack granted them access to internal systems. Exploiting his corporate privileges, hackers drained $44.2 million in Solana (SOL) and Tether (USDT) from a liquidity wallet via the Jupiter aggregator. Bengaluru police have arrested software engineer Rahul Agarwal, though it remains unclear if he was complicit or deceived. Authorities are tracing external wallets to recover funds, with CoinDCX offering a bounty of up to 25% of recovered assets. The exchange covered all customer losses from its reserves, ensuring user funds remain safe. The CoinDCX hack highlights the growing threat of insider vulnerabilities and social engineering, prompting calls for tighter internal security controls in crypto trading.
Bearish
The CoinDCX hack drains significant SOL from a liquidity pool, reducing circulating supply and eroding confidence in Solana’s security. In the short term, traders may liquidate holdings amid heightened risk, exerting downward pressure on SOL’s price. Long-term, while stricter security measures could restore trust, persistent insider threat concerns may weigh on market sentiment. Overall, the breach is likely bearish for SOL.