Business
Indodax Cryptocurrency Exchange Hacked for Over $22 Million
Indodax, a leading cryptocurrency exchange, has suffered a significant security breach, resulting in the theft of over $22 million. Discover the details of the hack, its impact on users, and what measures are being taken to enhance security.
Indodax Crypto Exchange Hacked for Over $22 Million
In a significant security breach, Indonesia-based cryptocurrency exchange Indodax has reported a hack resulting in the theft of more than $22 million in various digital tokens. The attack occurred early Tuesday and primarily targeted the exchange’s hot wallets, according to findings from security researchers shared on X.
The stolen assets comprised a diverse range of cryptocurrencies, including:
- Ether (ETH): Over $14 million
- Tron (TRX): Approximately $2.4 million
- Bitcoin (BTC): About $1.4 million
- Polygon (MATIC): Roughly $2.5 million
- Various smaller amounts in other tokens
According to security firms Slowmist and CertiK, while the stolen funds are substantial, they represent only a fraction of what Indodax holds. The exchange’s wallets continue to maintain a balance exceeding $400 million in various cryptocurrencies, as per Arkham data.
Founded in 2014, Indodax is a centralized cryptocurrency exchange that primarily serves the Indonesian market. Recent data from CoinGecko indicates that the platform has facilitated over $11 million in cryptocurrency transactions within the last 24 hours. It supports trading for all tokens against the Indonesian rupiah, which is currently valued at 15,409 IDR per U.S. dollar as of Tuesday.
Indodax confirmed the hacking incident on their official X account, noting that all platform operations had been paused due to “maintenance” activities. However, several users expressed concerns on X and in the exchange’s Telegram channel, reporting that they could no longer access their wallet balances.
While platform operations remain halted, Indodax’s X account is promoting a “giveaway” of Indonesian rupiah on their Instagram page, raising suspicions that the account may have been compromised during the attack.
As of the latest updates in the European morning hours, the exact details of the hacking mechanism have yet to be fully determined and remain publicly unknown.