Indodax Crypto Exchange halts operations after $22 million hack
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Indonesian cryptocurrency exchange, Indodax, recently suspended its services after suffering a cyberattack that resulted in the theft of approximately $22 million (roughly Rs 184 crore) worth of digital assets.
The breach, which took place on Wednesday, saw hackers make off with various cryptocurrencies, including Bitcoin, Tron, Ether, Polygon, Tether, Shiba Inu, and Uniswap.
Blockchain security firm SlowMist estimates the stolen amount to be $21.95 million.
According to research firm CertiK, the hackers exploited multiple internet-connected hot wallets to carry out the theft.
Indodax, which has been operating since 2014 and is headquartered in Bali, promptly took its services offline. The exchange assured users via a statement on X (formerly Twitter) that their balances, both in cryptocurrency and rupiah, remained secure. The platform is currently conducting an internal audit and has suspended all transactions to ensure the security of user funds.
Despite the substantial hack, the stolen amount represents a relatively small portion of the exchange’s total holdings, which research platform Arkham valued at around $408 million (roughly Rs 3,426 crore).
This breach follows a warning issued by the FBI about an increase in crypto-related attacks, particularly by North Korean hackers.
Just two months prior, Indian crypto exchange WazirX experienced a significant hack, losing $230 million, with speculation pointing to North Korea’s Lazarus Group as the possible culprit.