Indonesian Crypto Exchange Indodax Hacked for $22M; Pauses Activity Before Bigger Hit

Indodax was hacked with over $22 million worth of various tokens stolen.
The exchange confirmed the security breach by pausing platform operations for “maintenance.” However, there were indications of compromised social media activities, such as a suspicious giveaway announced on Instagram, suggesting further security issues.

As a seasoned researcher with years of experience in the dynamic world of cryptocurrency, I can’t help but feel a familiar pang of concern upon hearing about the recent $22 million token theft from Indodax, an exchange I’ve been monitoring for quite some time. The fact that this incident seems to have originated from compromised social media activities is particularly troubling, as it underscores the importance of robust security practices across all digital platforms.

On Tuesday morning, it appears that the Indonesian cryptocurrency exchange Indodax suffered a breach, estimated to be over $22 million in assorted digital tokens, according to reports from security experts.

Approximately 14 million dollars’ worth of various digital assets such as Ether (ETH), approximately 2.4 million dollars’ worth of Tron’s TRX, about 1.4 million dollars’ worth of Bitcoin (BTC), and around 2.5 million dollars’ worth of Polygon‘s MATIC were stolen during the hacking incident, according to security firms Slowmist and CertiK. Other digital tokens also accounted for smaller amounts that were taken.

The pilfered hoard was quite modest compared to the exchange’s wallets, which still contain more than $400 million in assorted digital tokens, according to Arkham’s data.

Indodax, a cryptocurrency exchange founded in 2014, primarily serves the Indonesian market. According to CoinGecko’s latest data, it exchanged approximately $11 million worth of digital currencies in the last day. Notably, all tokens on this platform can be traded against the Indonesian rupiah, which is currently equivalent to 15,409 IDR for every U.S. dollar, as per Tuesday’s exchange rate.

On Tuesday, Indodax acknowledged an assault on one of their accounts, explaining that system functions had been temporarily halted for “maintenance” purposes. Yet, numerous users reported on the platform and through its Telegram channel that they were unable to view their wallet balances.

During the halt of platform operations, the Indodax X account on Instagram is advertising a “giveaway” in Indonesian rupiah. This could potentially indicate that the account might have been compromised.

The specifics behind this attack’s operation are yet to be clarified and aren’t publicly disclosed at present, as of the European morning.

2024-09-11 11:34

Indonesian Crypto Exchange Indodax Hacked for $22M; Pauses Activity Before Bigger Hit

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