Indonesian Crypto Exchange Indodax Shuts Down Amid $22M Hack
Indodax, a leading crypto exchange in Indonesia, lost $22M to a hack, prompting a temporary suspension of its services for investigation.
Key points:
- $22M stolen: Hackers stole $BTC, $ETH, $TRX, $MATIC, and other tokens.
- Hot wallets breached: The attack focused on Indodax’s hot wallets.
- 150 suspicious transactions: Hackers transferred the stolen funds to $ETH.
- North Korean hackers suspected: The Lazarus Group might be responsible for the attack.
- Indodax halts operations: The platform is offline for security maintenance.
Indodax Goes Offline After $22M Hack:
Indodax, one of Indonesia’s top cryptocurrency exchanges, suffered a significant breach, losing approximately $22M in various cryptocurrencies.
The hackers targeted hot wallets, which store assets like $BTC, $ETH, $TRX, and $MATIC, for immediate transactions.
Blockchain security firms, including Cyvers and SlowMist, quickly flagged the suspicious activity.
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Cyvers reported over 150 suspicious transactions as the hackers moved the stolen assets, eventually converting them into $ETH, a common method to hide funds using crypto-mixing services such as Tornado Cash.
Indodax responded to the hack by informing users that their assets remain safe and temporarily shutting down its mobile and web platforms.
The exchange is undergoing maintenance to ensure its systems are secure. Investigators believe the attack shares characteristics with hacks perpetrated by North Korea’s Lazarus Group, known for targeting crypto exchanges.
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With services currently paused, Indodax is focusing on securing the platform and protecting user funds.
The exchange holds a $369M reserve balance, which could be used to cover the losses from the hack. Indodax aims to resume operations as soon as the investigation and maintenance are complete.
