Indodax Hit by Major Hack: $20 Million Stolen in Crypto Heist

Indodax, an Indonesian cryptocurrency exchange, has recently experienced a significant security breach. According to blockchain monitoring firm Spot On Chain, the total loss from the hack has reached $20 million. SlowMist, a blockchain security company, has confirmed that the attack resulted in a loss of approximately $21.95 million.

Indodax noted that its security team has found potential security issues on the platform. Currently, a comprehensive maintenance is underway to ensure the normal operation of the entire system.

During this maintenance process, the INDODAX web platform and application are temporarily inaccessible.

PeckShield reported that the exchange saw a substantial outflow of cryptocurrency, amounting to around $15.7 million. Cyvers Alerts added that their system detected multiple suspicious transactions involving Indodax wallets across different networks. “Suspicious addresses currently hold $14.4 million and have converted tokens into Ethereum,” Cyvers Alerts noted.

Current Holdings of Stolen Assets

The stolen assets have largely been converted into native cryptocurrencies:

• 5,584 Ether (ETH) on the Ethereum and Optimism blockchains, approximately $13 million.
• 6.84 million POL tokens on the Polygon blockchain, around $2.56 million.
• 16.7 million TRX tokens on the Tron blockchain, about $2.55 million.
• 25 Bitcoins (BTC), valued at approximately $1.41 million.

This incident is not isolated; cryptocurrency exchanges have been frequent targets of hacks in recent years. Exchanges such as Mt. Gox, Bitfinex, and Coincheck have previously suffered from major security breaches. Despite advancements in blockchain security technology, the decentralised and anonymous nature of cryptocurrencies makes them particularly vulnerable to attacks. Although the blockchain itself is secure, exchanges and wallet providers are often targeted by cybercriminals.

Indodax has announced that it is conducting a thorough investigation to understand how the breach occurred and how the attackers accessed their systems. CyberAlert analysis indicates that over 150 suspicious transactions have been flagged, suggesting that the breach might have been ongoing for some time before detection.

The Indodax team has assured users that their crypto and fiat balances remain 100% safe and further updates will be provided once the investigation is complete.