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Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
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Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
crypto

Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected $22M Breach

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Indonesian cryptocurrency exchange Indodax is the latest to fall victim to a hack, resulting in the theft of approximately $22 million in digital assets.

Indodax Pauses Platform Operations Due To Security Breach

According to a post by blockchain security firm SlowMist on X, the hackers stole digital assets such as Bitcoin (BTC), multiple ERC-20 tokens from the Ethereum (ETH) blockchain, TRX and USDT tokens from the Tron (TRX) blockchain, Polygon (POL), and ETH from the Optimism (OP) blockchain. The total loss is estimated to be around $22 million.

Related Reading: Rising Prices, Rising Risks: Crypto Hacks Skyrocket To $1.6 Billion, Report

Indodax confirmed the hack and has temporarily paused all platform operations due to “maintenance” activities. The trading platform has assured its users that their crypto funds are safe. The exchange said:

Currently, we are conducting a complete maintenance to ensure the entire system is operating properly. During this maintenance process, the INDODAX web platform and application are temporarily inaccessible.

Founded in 2014, Indodax primarily serves the Indonesian crypto market and recorded a total trading volume of slightly more than $11 million in the past 24 hours. 

SlowMist’s analysis ruled out any possible hot wallet hack. Rather, the blockchain security firm notes that it is possible that Indodax’s withdrawal system was compromised, which gave hackers access to the exchange’s hot wallet and the ability to withdraw funds seamlessly.

Similarly, digital assets security firm Cyvers noticed “multiple suspicious transactions involving wallets on different networks.” The wallet address suspected of orchestrating the hack could be observed swapping different tokens to ETH. While it remains to be seen what the hacker’s next moves will be, they typically leverage cryptocurrency mixers like Tornado Cash to obscure the trail of their crypto transactions.

Data from CoinMarketCap indicates that Indodax has sufficient reserves to compensate for the lost funds. At press time, Indodax’s total financial reserves are worth $367 million, and the bulk of their funds are distributed among digital currencies such as BTC, ETH, PEPE, SHIB, and USDT. However, data from Arkham Intelligence estimates the total figure to be even higher, at $409 million.

indodax reserves
Source: CoinMarketCap.com

Cryptocurrency Hacks Surge In 2024

Yosi Hammer, head of AI at Cyvers told BSCN that the characteristics and patterns of the Indodax hack closely resemble those of the notorious North Korean hacking group Lazarus.

Related Reading: $235 Million Crypto Theft from WazirX Was ‘Perpetrated’ By North Korean Hackers, Report Reveals

Close followers of the crypto industry would know of Lazarus, the infamous hacking group responsible for executing multiple high-profile hacks over the past few years. For instance, the recent hack of Indian cryptocurrency exchange WazirX is linked to Lazarus, which resulted in a loss of $234 million in user funds.

A recent report by Immunefi noted that hackers are keeping up with advances in security in the crypto industry as the value of total stolen funds has increased by 15.5% compared to 2023 for the same period. BTC trades at $56,701 at press time, down 1% in the last 24 hours.

bitcoin
Bitcoin is down almost 1% on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, Charts from CoinMarketCap.com, TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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