Indonesian crypto exchange Indodax suffers $22m hack: report

Indonesian cryptocurrency exchange Indodax was reportedly hacked, with hackers stealing $20 million worth of crypto from hot wallets.

Cryptocurrency exchange Indodax (formerly Bitcoin Indonesia) was allegedly hacked after an unidentified entity siphoned off tens of millions of dollars worth of crypto liquidity from the platform.

🚨SlowMist Security Warning🚨

Indonesian crypto exchange @indodax was attacked a few hours ago when the hacker stole various tokens from hot wallets. Total loss is around $22 million💸. Details of the losses are below⬇️ pic.twitter.com/r4i0rBbctJ

— SlowMist (@SlowMist_Team) September 11, 2024

In a post published on X on September 11, blockchain analytics firm SlowMist warned that its trading platform had apparently been hacked, with hackers stealing around $22 million worth of various tokens from the exchange’s hot wallets. Analysts at Cyvers, another blockchain forensics firm, say the hackers converted the stolen tokens into Ethereum (ETH), while on-chain data shows that altcoins were also converted into TRON (TRX), Polygon (POL), and Bitcoin (BTC).

Halo Member INDODAX,

It helps ensure team security, information security, and platform security.

Hourly, in addition to creating a new system, you can also manage to create a new system. Selama process pemeliharaan ini,… picture.twitter.com/kYAc6ilERF

— indodax (@indodax) September 11, 2024

Following the reports, Indodax’s official page on X published a post stating that its security team had discovered a “potential security issue on our platform” and that the platform was performing “full maintenance to ensure the entire system is functioning properly.” The exchange “temporarily” suspended access to the platform and assured users that their balances were “100% safe in both crypto and rupiah.” However, details of the attack were not disclosed.

Founded in 2014 by Oscar Darmawan and William Sutanto, Indodax has over 4.3 million registered and verified members. The exchange also claims to have received various certifications and permits from the Commodity Futures Exchange Supervisory Board and the Ministry of Communications and Information of the Republic of Indonesia.