IndoDax Hack: $20 Million in Crypto Stolen in Major Breach

2 months ago 22

The post IndoDax Hack: $20 Million in Crypto Stolen in Major Breach appeared first on Coinpedia Fintech News

IndoDax, Indonesia’s biggest crypto exchange has been hacked, and its losses include $20 million worth of digital coins. The breach which happened approximately 9hrs before the bots discovery was reported by Web3 security firm Cyvers to several blockchain networks concerning the occurrence of suspicious transactions.

The hacker was able to exchange most of the received funds for native cryptocurrencies and has extensive assets in ETH, OP, Polygon, TRX, and BTC networks.

The breakdown of the assets currently held by the hacker is as follows:

-5,584 ETH about $13 million in Ethereum and Optimism.
– 6. 84 million POL (MATIC) to Polygon equivalent to $2. 56 million.
– 16. 7 million TRX worth $2. 55 million in Tron.
– 25 BTC or 1. 41 million in the equivalent of Bitcoin.
Altogether, Cyvers has identified more than 150 transactions that could potentially be fraudulent; the losses are estimated to be up to 18. 2 million. They began to caution Indodax, to act fast in order to minimize the losses.

On the attack, Indodax closed its operations on web and mobile application for a complete system check. The exchange wanted to calm its users saying that they still have their money in both the cryptocurrencies and Indonesian Rupiah.

“We are performing a full maintenance so that our users’ safety and security is not compromised. We will post a status once the investigation is over,” the exchange posted on its official social media platforms.

This hack puts Indodax, which is one of the best and the biggest exchanges in Indonesia, in a very vulnerable state. The exchange which now have a growing number of users – from 9.9 million users in 2021 to 28. 52 million in 2024, achieved a trading volume of $11.5 within last 24 hours just before the attack was launched.

The investigation is ongoing, and the community is waiting for further updates as Indodax works to restore its operations.

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