The attack, which occurred early Tuesday, led the exchange to pause its operations for “maintenance” as it dealt with the fallout.
Indodax, a key player in the Indonesian crypto market, had recorded $11 million in trading volumes on Monday.
Indodax Response and Investigation Underway
However, the security breach has significantly impacted its operations. According to security researchers on X, the hackers targeted Indodax’s hot wallets, accessing and stealing a substantial sum.
The stolen assets include over $14 million in tokens such as ETH, $2.4 million in TRX, $1.4 million in BTC, and $2.5 million in MATIC, among other smaller amounts.
Source: X
The breach has raised concerns not only about the immediate financial losses but also about the broader security of the platform. Indodax’s response has included pausing platform activity to address and rectify the security issues.
However, the situation appears to be more complex, with signs of compromised social media activities surfacing. For instance, a suspicious giveaway announcement on Instagram suggested that the security issues might extend beyond the immediate hack, potentially indicating deeper problems.
More About the Indodax Hack
Despite the significant theft, the breach involved a relatively small fraction of the exchange’s total holdings. Data from Arkham reveals that Indodax’s wallets still hold over $400 million worth of various tokens. This suggests that while the attack was severe, it did not drain the entire reserve of the exchange.
Source: X
The incident underscores the increasing vulnerability of cryptocurrency exchanges to sophisticated cyberattacks. As digital assets continue to gain traction, ensuring robust security measures becomes imperative for exchanges and users alike.
The Indodax hack serves as a stark reminder of the risks inherent in the crypto space and highlights the need for enhanced security protocols to protect against such breaches.
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