Indodax, Indonesia's largest and oldest cryptocurrency exchange, has experienced a significant security breach, resulting in hackers stealing $22 million worth of cryptocurrencies. The stolen assets include Shiba Inu (SHIB) tokens, Chainlink (LINK), Tron (TRX), and Ethereum (ETH).
Hack on Indodax Exchange
According to blockchain security firm SlowMist, Indodax was the target of a hacker who stole $22 million worth of cryptocurrencies. Among the stolen assets were 9 billion SHIB tokens, as well as other prominent cryptocurrencies like Chainlink (LINK), Tron (TRX), Ethereum (ETH), and Bitcoin (BTC).
Indodax Responds to the Breach
Indodax co-founder William Sutanto reassured users that the exchange could cover the losses incurred during the attack. The platform is investigating the incident to understand the full scope of the breach. SlowMist analysts have ruled out the possibility of the exchange’s hot wallet being compromised, suggesting that the hacker exploited vulnerabilities in the withdrawal system instead.
Previous Incidents and Current Investigations
In 2018, a North Korean hacking group, Lazarus Group, was linked to a breach at an Indonesian cryptocurrency exchange, resulting in $25 million in losses. Though the affected exchange was not officially named, many speculated it was Indodax. Similarly, a notorious hacker responsible for stealing 100 million SHIB tokens from the WarizX exchange recently resurfaced, laundering more than $30 million worth of Ethereum in just eight days.
The security breach at Indodax highlights the vulnerabilities of cryptocurrency exchanges to sophisticated hacking attacks. While Indodax is working to ensure affected users are compensated, this incident raises questions regarding the security protocols at some of the world’s largest crypto platforms.
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