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Indonesia's Largest Crypto Exchange Indodax Hit by $22M Hack, Shuts Down Services for Investigation

Reports reveal that the hacker has swapped most of the stolen assets and now holds 5,584 ETH ($13 million), 6.84 million POL ($2.56 million), 16.7 million TRX ($2.55 million), and 25 BTC ($1.41 million).

,   and  Harshajit Sarmah
2 min read
  • Indodax suffered a major security breach, losing $22 million in assets including Bitcoin, Tron, Ether, and Polygon. 
  • The platform has temporarily shut down its web and mobile services for investigation, assuring users that their assets are still safe.
  • Hacker has already converted a significant portion of the stolen funds, now holding 5,584 ETH ($13 million) and other assets. 

Indonesian crypto exchange Indodax lost around $22 million in a hack, prompting it to shut down its mobile and web apps for investigation. On Sept. 11, blockchain security firm SlowMist reported that Indodax's hot wallets were targeted, with the hacker stealing Bitcoin, Tron, Ether, Polygon (POL), Shiba Inu, and other tokens.

Another security group, Cyvers Alerts, raised concerns about suspicious transactions tied to Indodax's wallets across different networks. They reported that about $14.4 million had already been transferred to suspicious addresses, with the tokens being converted into Ether (ETH).

Further reports reveal that the hacker has swapped most of the stolen assets and now holds 5,584 ETH ($13 million), 6.84 million POL ($2.56 million), 16.7 million TRX ($2.55 million), and 25 BTC ($1.41 million). 

Indodax, which has over 28.5 million users, has not yet commented on the breach. Despite the hack, Indodax recently added Islamic coins and other cryptos to its platform and saw a 24-hour trading volume of $11.5 million, with Ethereum making up $415,518 of that.

Soon after the breach alerts, Indodax confirmed the hack and notified users of a temporary service shutdown. 

In a statement, the company said: 

“We are currently performing full maintenance to ensure the system is running smoothly. During this time, the Indodax website and app will be temporarily unavailable.” 

Despite the disruption, the crypto exchange assured investors that their assets remain secure.

Edited by Harshajit Sarmah

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NewzchainHarshajit Sarmah

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