Indodax, a crypto exchange formerly known as Bitcoin Indonesia, reportedly experienced an attack within the last twelve hours.
An unidentified party withdrew tens of millions of dollars worth of crypto assets from the platform.
On September 11, blockchain analytics firm SlowMist raised alarms in a post on X, reporting that the trading platform had been compromised. The hacker is believed to have stolen approximately $22 million in various tokens from the exchange’s hot wallets.
Cyvers, another blockchain forensic firm, had earlier reported that the stolen assets had already been converted into Ethereum, with on-chain data indicating that altcoins were also swapped into TRON, Polygon, and Bitcoin.
In response to the reports, Indodax’s official page on X announced that its security team had identified a “potential security issue” on the platform. The exchange stated that it is undergoing “complete maintenance” to ensure the system’s proper functionality. Access to the platform has been “temporarily” suspended, with assurances to users that their balances are “100% safe,” both in crypto and rupiah. However, the exchange has not provided details regarding the nature of the hack.
Founded in 2014 by Oscar Darmawan and William Sutanto, Indodax has grown to serve more than 4.3 million registered and verified users. The exchange highlights its compliance by holding multiple certifications and permits from Indonesia’s Commodity Futures Exchange Supervisory Board and the Ministry of Communication and Information.
The crypto sector in 2024 has been on a hot streak of attacks and hacks. A June report from blockchain analytics platform PeckShield Alert revealed that hackers stole $176.2 million in digital assets that month, despite the broader bearish trend in the market. While significant, this represents a 54.2% drop from May’s losses, which totalled $574.6 million. The report also noted that 60% of major hacks targeted decentralised finance (DeFi) protocols, while 40% affected centralised finance (CeFi) platforms.
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