Indonesia's leading cryptocurrency exchange, Indodax, lost approximately $20.5 million in a major security breach, according to Cyvers.
Details of the Exploit
According to Cyvers, a leading blockchain security firm, the hack on Indodax resulted in a loss of $20.58 million. The attack affected several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and others. Initial estimates placed the losses at $18.2 million, but this figure later increased. The breakdown of losses includes: $13.3 million in Ethereum (ETH), $2.5 million in Tron (TRX), $2.5 million in Polygon (MATIC), $1.4 million in Bitcoin (BTC), $883,000 in Optimism (OP).
Indodax's Response
Indodax responded by temporarily taking its platform down for full maintenance and assured users that their funds are safe. In a statement on X (formerly Twitter), Indodax announced: "We have identified a potential security issue and are conducting complete maintenance to ensure the safety of our platform. Your balances remain secure." While Indodax emphasized the safety of client funds, the exchange has not yet provided further details on how the breach occurred or what measures are being taken to prevent future incidents.
Previous Security Challenges for Indodax
This is not the first time Indodax has faced security issues. In June 2023, Indonesian authorities arrested two fraudsters impersonating Indodax on fake social media accounts. These individuals lured victims with fake investment opportunities, stealing around 625 million Indonesian Rupiah (approximately $40,500). While this incident is unrelated to the current exploit, it underscores the ongoing security challenges the exchange faces.
The Indodax breach is one in a series of high-profile crypto attacks this year. According to Immunefi’s Q2 2024 Crypto Losses Report, the crypto industry has seen significant growth in cybercrime. In Q2 alone, nearly $570 million was stolen across various platforms, following $200 million in losses during Q1.
Comments