Indodax, one of Indonesia’s largest cryptocurrency exchanges, has reportedly been targeted by a cyberattack, with over 150 suspicious transactions flagged.
According to Cyvers Alerts, the total loss from the attack is estimated at $18.2 million. Hackers were found exchanging tokens for Ethereum (ETH), raising concerns within the crypto community.
According to Cyvers Alerts, Indonesian crypto exchange Indodax was suspected to be attacked, and more than 150 suspicious transactions were detected, with a total loss of $18.2 million. Suspicious addresses were exchanging tokens for ETH. SlowMist found that it was not the hot…
— Wu Blockchain (@WuBlockchain) September 11, 2024
Investigations by SlowMist have revealed that the hack did not involve a breach of the hot wallet private key, as initially feared. Instead, the attackers compromised other systems, such as Indodax’s signature machine. As a result, the hacker’s wallet now holds about $14.4 million in stolen cryptocurrency, with a portion already converted into ETH.
PeckShield’s analysis indicates that the hacker currently controls 5,584 ETH, valued at $13 million, spread across Ethereum and Optimism. Additionally, they hold 6.84 million POL (MATIC) worth $2.56 million on the Polygon network, 16.7 million TRX ($2.55 million) on Tron, and 25 BTC ($1.41 million).
🚨🚨 The Indonesian exchange @indodax was hacked for $20M ~9 hours ago!
So far, the hacker has swapped most of the stolen assets to native cryptocurrencies and currently holds:
• 5,584 $ETH ($13M) on #Ethereum and #Optimism
• 6.84M $POL aka $MATIC ($2.56M) on #Polygon
• 16.7M… https://t.co/G57jWJN0eL pic.twitter.com/9DTTLG9hFa— Spot On Chain (@spotonchain) September 11, 2024
Indodax Halts Operationss For Maintenance
Cyvers Alerts has flagged numerous suspicious transactions and urged Indodax to take immediate action. In response, the exchange has temporarily halted operations for maintenance and reassured customers that their funds are “100% safe.” Indodax has also confirmed that it is working diligently to resolve the issues and restore normal functionality to its platform.
INDODAX EXCHANGE HIT WITH APPARENT $18.2M SECURITY BREACH: WHAT WE KNOW
– Indonesian crypto exchange, Indodax, faced an apparent security breach involving around 150 unusual transactions, resulting in an estimated loss of $18.2 million, according to CyversAlert.
– The hacker's… https://t.co/Og4N1lwKIg pic.twitter.com/WhvttoOYts
— BSCN (@BSCNews) September 11, 2024
So far, the hacker has swapped the majority of the stolen assets for native cryptocurrencies across multiple blockchains, including Ethereum, Polygon, Tron, and Bitcoin.
As Indodax continues to investigate the incident, the situation underscores the growing threat of cyberattacks in the crypto space, even as exchanges work to improve security measures.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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