Indonesian Crypto Exchange Loses $20 Million Following Hack

As a seasoned crypto investor with over a decade of experience in this ever-evolving digital frontier, I can’t help but feel a sense of deja vu as yet another exchange falls prey to cybercriminals. The recent $20 million exploit on Indodax, following closely on the heels of WazirX’s $230 million heist, serves as a stark reminder that the crypto world is not immune to such threats.


The Indonesian crypto exchange Indodax recently suffered an exploit, with the hacker stealing $20 million. Onchain data shows that the hacker has swapped the stolen funds to major crypto assets, including Bitcoin and Ethereum. This development comes amid the ongoing investigation into the $230 million Hack suffered by the Indian crypto exchange WazirX back in July.

Indonesian Crypto Exchange Indodax Suffers $20 Million Hack

According to a recent post on the platform, it was discovered that the Indonesian cryptocurrency exchange Indodax experienced a $20 million hack. The thief, as reported by the platform, primarily exchanged the stolen funds for various native cryptocurrencies. At present, the hacker is in possession of approximately 5,204 Ether (worth around $12 million), 25 Bitcoins ($1.41 million), 6.84 million Polkadot dollars ($2.56 million), and 16.7 million Tronix ($2.55 million), in addition to other cryptocurrency assets.

Indonesian Crypto Exchange Loses $20 Million Following Hack

At this point, Indodax hasn’t disclosed all details about the incident causing the exploit. After the exploit happened, Indodax, the Indonesian crypto exchange, alerted its users via a post on X, stating that they had found a “possible security concern” and were carrying out comprehensive maintenance to make sure their entire system was functioning correctly.

At present, we’re performing a full system check to make sure everything is running smoothly. As part of this process, the INDODAX web platform and app will be temporarily unavailable for use. Rest assured, your balances – whether in crypto or rupiah – are completely secure during this time.

During their latest X update, Indodax informed users that the maintenance work was still in progress and promised a swift resumption of operations once completed.

Crypto Exploits Remain A Concern

1) A fresh instance of cybertheft on the Indonesian cryptocurrency exchange Indodax serves as a reminder that crypto frauds continue to pose significant issues. Not long ago, in July, the Indian digital currency platform WazirX suffered a hack, resulting in the theft of approximately $230 million. As the probe into this incident continues, the culprit behind the heist has managed to relocate the stolen funds. According to recent reports by Coingape, the thief responsible for the WazirX hack transferred 10,000 ETH ($23 million). Half of these Ethereum tokens were moved through Tornado Cash to make them untraceable, while the remaining half was shifted to another account for laundering purposes.

To combat criminal activities in the cryptocurrency sector, Tether and TRON have teamed up to establish the T3 Financial Crime Unit together with TRM Labs. This newly formed unit will primarily target unlawful activities related to USDT, but it’s a significant stride forward since it demonstrates increased collaboration among crypto stakeholders in their efforts to curb crypto-related exploits.

 

 

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2024-09-11 10:05