Indodax Exchange Loses $15.7 Million in Crypto Assets in Exploit

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The Indonesian cryptocurrency exchange Indodax was hacked, during which it lost crypto assets totaling about $15.7 million.

According to them, the hacker moved 5,204 ETH to the Ethereum address, as well as 6.8 million POL to the Polygon network and 380 ETH to Optimism.

#PeckShieldAlert Large outflow of cryptos (worth ~$15.7m) from @indodax on #Ethereum, #Polygon & #Optimism

The funds are now parked at the following address:#Ethereum 0x5910... 48Df8 (5,204.3 $ETH)#Polygon 0x90Ff... 904f (6,843,716.17 $POL)#Optimism 0x3B8F... eB6d (~380 $ETH) pic.twitter.com/li7Dwc9nfJ — PeckShieldAlert (@PeckShieldAlert) September 11, 2024

https://twitter.com/i/web/status/1833686247619055806

Blockchain security specialists from Cyvers Alerts also identified several suspicious transactions involving Indodax wallets on different networks. According to them, there are $14.4 million worth of crypto assets at the suspicious address, and they are already being exchanged for ethers.

ALERTHey @indodax, Our system has detected multiple suspicious transactions involving your wallets on different networks. Suspicious address already holds 14.4 million USD and swapping the tokens to Ether.

Want to keep your company off our alerts radar? Learn how to secure… pic.twitter.com/Lzpi5uthXS — Cyvers Alerts (@CyversAlerts) September 10, 2024

https://twitter.com/i/web/status/1833629057256239175

Indodax's management has confirmed the security issues. The exchange went into maintenance, and its website and app are temporarily unavailable. Indodax assured that customer funds, both in cryptocurrencies and Indian rupees, are safe. The exchange team promised to provide more details about the incident after the investigation is completed.

In 2020, a German trader accused the Indodax crypto exchange of indirectly facilitating fraud. The plaintiff claimed that the exchange did not comply with identification procedures (KYC) and anti-money laundering (AML) rules.

 

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Indodax Exchange Loses $22 Million in One Morning.
A lot of cryptocurrencies have evaporated from the company's hot wallets.

The Indodax cryptocurrency exchange was hacked, as a result of which more than $22 million in various tokens was stolen. The attack, which targeted the platform's hot wallets, occurred in the early hours of September 10, according to experts from Slowmist and CertiK.

Among the stolen funds are:

• more than $14 million in Ethereum (ETH);
• $2.4 million in Tron (TRX);
• $1.4 million in Bitcoin (BTC);
• $2.5 million in Polygon (MATIC) tokens.

Smaller amounts of other cryptocurrencies were also stolen.

On the other hand, according to analytics platform Arkham, the exchange's hot wallets still hold more than $400 million in cryptocurrencies, making the stolen $22 million a relatively small amount compared to the platform's total balance.

Indodex, which has been operating since 2014, is focused on the Indonesian market. All cryptocurrency assets on the exchange are traded against the Indonesian rupiah, which was worth 15,409 IDR per $1 at the time of the hack.

In response to the incident, representatives of the exchange confirmed the fact of hacking, suspended operations on the platform and stated that maintenance was underway. However, some users on social networks and on the exchange's Telegram channel began to complain about the inability to see the balances of their wallets, which caused additional concerns among market participants.

In addition, there were suspicions that the hackers gained access to the company's social networks. Indodax's official account on X* talks about a "draw" of the Indonesian rupiah on the exchange's Instagram page**, which may indicate further security issues.

At the moment, the exact mechanism of the attack remains unclear and continues to be investigated.

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