Bengaluru Crypto Firm Loses ₹385 Crore In Massive Hack, Insider Suspected

A cryptocurrency firm in Bengaluru lost about ₹385.75 crore from the company’s wallet after hackers infiltrated its server systems, possibly with the help of an insider employee who has been booked as the prime suspect in a police case registered with the Whitefield Cybercrime Police in Bengaluru.

The incident reportedly occurred on 19th July, and Hardeep Singh, Vice President of Public Policy and Government Affairs at Neblio Technologies Pvt. Limited, situated on Sarjapura Main Road in Bellandur, is the complainant in the case.

Singh, in his complaint, stated that he runs a company involved in cryptocurrency exchange. On July 19th at around 2:37 a.m., one USDT equivalent to ₹88.66 was transferred from the company’s wallet to a stranger’s wallet.

Later that morning, when the company staff checked the wallet around 9:40 a.m., they found that USD 44 million had been transferred to six different wallets belonging to unknown individuals.

The staff immediately brought the issue to Singh’s notice, who then conducted an internal inquiry. They discovered a part-time employee, identified as Rahul Agarwal, who was using a company-issued laptop. Upon further investigation into his system, they found that ₹15 had been transferred into his personal bank account.

Even though Agarwal was only a part-time employee, there is an employment contract that clearly states he was not permitted to use his official laptop for personal or unrelated work.

Singh strongly suspects that Rahul Agarwal colluded with the hackers, who then gained access to the systems and siphoned off ₹385.75 crore in a span of around seven hours.

Based on Singh’s complaint, the Whitefield CEN Police have registered a criminal case against Rahul Agarwal. He has been booked for theft, criminal breach of trust, cheating, and impersonation. Charges under the Information Technology Act have also been added. Further investigations are currently underway.

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