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CoinDCX Hack: How to protect your crypto before it’s too late

CoinDCX suffered a massive cryptocurrency breach worth Rs 384 crore, triggering a cybercrime investigation and insider arrest in Bengaluru. As police dig deeper, we explain how to secure your crypto wallet using simple, effective steps like hardware wallets, strong passwords, and 2FA.

After Rs 384 Crore Crypto Theft, Here’s How to Lock Down Your Wallet
After Rs 384 Crore Crypto Theft, Here’s How to Lock Down Your Wallet
| Updated on: Jul 31, 2025 | 11:32 AM

New Delhi: On July 19, CoinDCX, one of India's most popular cryptocurrency exchanges, found itself at the centre of a digital heist that raised serious questions about crypto wallet security. According to an FIR filed by the company on July 22, hackers managed to siphon off nearly $44 million (around Rs 384 crore) from its wallets, using a series of stealthy transfers that began with a small 1 USDT test.

The Bengaluru police, now investigating the theft, suspect insider involvement. CoinDCX employee Rahul Agarwal has been arrested after it emerged he had been freelancing on a company laptop and allegedly earning around Rs 15 lakh from those activities. Authorities believe he might have teamed up with outside hackers to pull off the breach. While cybercrime teams try to trace the money trail, this breach is a big reminder for everyone dealing in crypto.

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Basic steps to protect your crypto wallet

Whether you're holding coins for the long haul or dabbling in daily trades, security can make or break your experience. Here’s a simple checklist anyone can follow:

  • Choose the right type of wallet: Hot wallets (online) are quick but easier to hack. Cold wallets (offline) like hardware or paper wallets are safer for long-term storage.
  • Go for a hardware wallet: Devices like Ledger Nano or Trezor store your keys offline. Just make sure you stash them somewhere safe, like a locker or a safe.
  • Use strong, unique passwords: Don’t reuse passwords. A password manager can help you store and generate secure ones.
  • Turn on Two-Factor Authentication (2FA): This adds an extra layer of protection to your exchange or wallet login.
  • Stay alert for phishing: Always double-check emails and links before clicking. Fake websites and messages are a common trick.
  • Keep everything updated: Old apps or wallets can have security holes. Update them regularly.
  • Never share your private keys: Treat them like cash. Don’t store them online or send them over chat.
  • Make backups: If your wallet supports backup, use it. Store copies in different secure locations.

Don’t put all your crypto eggs in one basket

Spread your assets. You can keep small amounts in hot wallets for regular use, but the rest should go into cold storage. Also, consider:

  • Multisignature wallets: These require more than one key to make a transaction.
  • Plan for emergencies: In case something happens to you, ensure someone you trust knows how to access your funds.

Why this matters now

The CoinDCX incident has showed how weak internal controls and unsecured access points can lead to massive losses. If insiders get involved, even the best software tools might not be enough. That’s why it’s important to be careful not just with where you keep your money, but who else can get to it.

Cybercrime teams in India are working with forensic experts to trace the stolen funds, but recovering crypto is rarely simple. With prices of assets like Bitcoin and Ethereum still drawing interest, the risks are high and getting smarter about security is no longer optional.

Even if you're not dealing with crores, your digital wallet needs the same level of attention you’d give a physical one. Stay alert, stay updated, and don’t trust anyone with your keys.

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