- Details of the Exploit
- Indodax's Response
- Previous Security Challenges for Indodax
Indonesia's leading cryptocurrency exchange, Indodax, experienced a major hack resulting in a loss of approximately $20.5 million. The incident was detected by blockchain security firm Cyvers and is suspected to be linked to the notorious Lazarus Group.
Details of the Exploit
Blockchain security firm Cyvers detected suspicious activity when 660 ETH was transferred from Indodax’s hot wallet, prompting an immediate investigation. Over 160 critical red flags were raised during the attack, indicating a breach of multiple asset chains and rapid fund transfers.
Cyvers confirmed that the exploit affected several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and others. Initial estimates placed the losses at $18.2 million, but the latest tally revealed a total loss of $20.58 million.
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
Following the attack, Indodax's platform was temporarily down for maintenance, with the company reassuring users that both crypto and rupiah funds were 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."
Previous Security Challenges for Indodax
This is not the first time Indodax has faced security-related issues. In June 2023, Indonesian authorities arrested two fraudsters who impersonated 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 was unrelated to the current exploit, it underscores the security challenges faced by the exchange.
The Indodax breach is just one in a series of high-profile crypto attacks this year. According to Immunefi’s Q2 2024 Crypto Losses Report, nearly $570 million was stolen across various platforms in Q2 alone, following $200 million in losses during Q1.
