Indonesian Crypto Exchange Indodax Hit by $22 Million Hack

Indonesian crypto exchange Indodax has temporarily suspended operations after suffering a significant security breach that resulted in the loss of approximately $22 million in various cryptocurrencies.

The attack, which occurred on September 11, 2024, compromised the exchange's hot wallets, leading to the theft of Bitcoin, Ether, Tron, Polygon, and Optimism tokens. Multiple blockchain investigation firms, including PeckShield, Cyvers, and SlowMist, have confirmed the incident.

According to SlowMist's analysis, the hacker exploited a vulnerability in Indodax's withdrawal system to siphon funds from the exchange's hot wallet. Cyvers, on the other hand, believes that other systems, such as the signature machine, were also compromised.

Following the breach, Indodax announced a temporary shutdown of its services to investigate the incident and ensure the security of its remaining assets. While the company has reassured investors about the safety of their funds, the hack has raised concerns about the security of crypto exchanges and the ongoing threat of cyberattacks.

North Korean Hackers Suspected

The recent attack on Indodax comes amid a growing trend of North Korean hackers targeting the crypto community. In July, another major crypto exchange, WazirX, suffered a loss of $235 million in a similar attack that was also attributed to the Lazarus group, a North Korean state-sponsored hacking organization.

This incident highlights the increasing sophistication of cyber threats facing the crypto industry and the need for robust security measures to protect against such attacks. As the popularity of cryptocurrencies continues to grow, it is essential for exchanges to invest in advanced security technologies and stay vigilant against potential threats.