Indodax Exchange Hit by $22M Hack: Swift Action Prevents Larger Losses as Platform Pauses Operations

Indodax crypto exchange reportedly faced a significant cyber attack, losing nearly $22 million worth of cryptocurrencies.

Indodax, a centralised cryptocurrency exchange established in 2014, primarily serves the Indonesian market. This regulated crypto exchange is popular among crypto traders in Indonesia.

On September 11, 2024, Indodax was hit by a cyber attack, resulting in the loss of $22 million worth of cryptocurrencies, including $14 million in Ethereum (ETH), $2.4 million in Tron (TRX), $1.4 million in Bitcoin (BTC), and $2.5 million in Polygon (MATIC).

#CertiKStatsAlert @indodax suffered a security breach a few hours ago.
The exploiter transferred various asset tokens (~$20M) from several hot wallet addresses.

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eth/pol: 0x3C02290922a3618A4646E3BbCa65853eA45FE7C6
tron: TWe5pEnPDetzxgJS4uN26VFg15wWtdcTXc
btc:…

— CertiK Alert (@CertiKAlert) September 11, 2024

On the same day, the exchange’s security team detected the breach and successfully halted further fund drains. Currently, all crypto-related services on the exchange have been suspended, with plans to resume soon.

The Indodax team has assured users that they will be fully compensated, both in crypto & fiat currency. Additional investigations are ongoing to track down the perpetrator behind the attack.

Halo Member INDODAX,

Kami ingin menginformasikan bahwa team security kami menemukan potensi indikasi keamanan pada platform kami.

Saat ini, kami sedang melakukan pemeliharaan menyeluruh untuk memastikan seluruh sistem beroperasi dengan baik. Selama proses pemeliharaan ini,… pic.twitter.com/kYAc6ilERF

— indodax (@indodax) September 11, 2024

WazirX Exchange Hack Incident

Hacking incidents are becoming increasingly common in the crypto space. Over the last four years, most attacks have targeted DeFi protocols, with a smaller number affecting centralised exchanges.

1.5 months ago, the popular Indian crypto exchange WazirX suffered a hack that resulted in the loss of $230 million worth of cryptocurrencies. WazirX is currently facing bankruptcy, but the leadership is working hard to restructure the platform and compensate customers in phases.

Many Indian crypto influencers and traders are now fighting against the WazirX platform. According to some, the WazirX team has intentionally created confusion among customers for personal gain.

Read also: Cardano Under Fire: Top Crypto Influencer Alleges $ADA Unstaking Restrictions, Leading to Sharp Price Drop

Indodax Exchange Hit by $22M Hack: Swift Action Prevents Larger Losses as Platform Pauses Operations

 

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