Indodax Hacked: $22M Loss in Bitcoin, Ether, and Tron

Indodax Hacked: $22 Million in Crypto Stolen from Hot Wallets

Indonesian cryptocurrency exchange Indodax has fallen victim to a major security breach, leading to the theft of approximately $22 million in digital assets. The attack, which targeted the exchange's hot wallets, resulted in the loss of Bitcoin, Ether, Tron, Polygon, Optimism, and other tokens. Following the hack, Indodax temporarily suspended all its mobile and web services to investigate the situation.

Multiple Blockchain Security Firms Sound the Alarm

On September 11, blockchain security firms, including PeckShield, Cyvers, and SlowMist, alerted the community to the breach. Their investigations revealed that hackers exploited Indodax's withdrawal system, enabling them to steal significant amounts of cryptocurrencies. According to reports, over $1.42 million in Bitcoin, $2.4 million in Tron tokens, $14.6 million in ERC-20 tokens, $2.58 million in Polygon, and $0.9 million in Ethereum from the Optimism network were stolen.

Hackers Convert Stolen Funds into Ether

Cyvers reported that more than 150 suspicious transactions were detected across multiple networks. The stolen funds were swiftly converted into Ether, which the hackers then attempted to launder through crypto mixing services like Tornado Cash to make tracking more difficult. Investigators are actively tracking the transactions to prevent further movement of the stolen assets.

Indodax Responds to Hack and Shuts Down Temporarily

Indodax acknowledged the breach and immediately shut down its web platform and mobile apps to conduct a full investigation. In a statement, the company reassured users that their assets were safe and that the maintenance was necessary to ensure the security of the platform. Despite the hack, the exchange still has a significant reserve of $369 million, part of which may be used to compensate affected users.

Second Major Crypto Exchange Hack After WazirX

This attack marks the second major cryptocurrency hack in recent months. In July, Indian crypto exchange WazirX was hit with a $235 million hack, which was also linked to the notorious North Korean hacking group, Lazarus. Experts have noted similarities between the two incidents, with some suspecting that Lazarus is behind the Indodax breach as well. North Korean hackers have increasingly targeted the crypto community in recent years, stealing millions of dollars through sophisticated cyberattacks.

Also Read: WazirX and Liminal Custody Clash Over Rs 2000 Crore