Indodax a leading crypto exchange in Indonesia has lost $22 million in a recent hack with the hackers making away with crypto assets from the hot wallets on the platform.
Crypto exchange Indodax formerly known as Bitcoin Indonesia has joined India’s WazirX in crypto exchanges that were successfully exploited by bad actors in the industry this year.
The Hack was picked up by blockchain analytics firm Slowmist who alerted the exchange of the compromise on their platform leading to the hacker stealing millions of dollars’ worth of various crypto assets from the exchanges Hot wallet.
Slowmist took to their X page to announce details of the hack with a comprehensive list of crypto assets stolen and their financial costs.
“Slowmist Security Alert :Indonesian crypto exchange @indodax suffered an attack a few hours ago, with the hacker stealing various tokens from hot wallets. The total loss is approximately $22 million”
The details of the hack revealed by Slowmist revealed that the hacker made away with 25.01 BTC worth $1.4 million, $2,360,000 USDT, 400,000 TRON worth $61,088 and a host of other crypto assets taking the total tally to $21,955,690.
Stolen Assets converted to Ethereum
Another blockchain analytics firm Cyvers reporting on the same incident confirmed that the hacker has already converted much of the stolen assets to Ethereum. On chain data reveals Altcoins have been converted into Tron, Polygon and Bitcoin.
“ALERT Hey @indodax Our system has detected multiple suspicious transactions involving your wallets on different networks. Suspicious address already holds 14.4 million USD and swapping the tokens to Ether.” Cyvers Tweeted
It is to be noted that the hacker of India’s WazirX also converted most of his stolen loot to Ethereum.
INDODAX Responds
The Indonesian exchange which just lost $22 million to hackers put out a statement addressing its community on the development and informing them that the team was conducting a complete maintenance to access the situation.
Hello INDODAX Members, We would like to inform you that our security team has discovered a potential security issue on our platform. 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. But don’t worry, we can assure you that your balance remains 100% safe both in crypto and rupiah. We appreciate your patience and trust. We are doing this process to ensure the security and comfort of your transactions.
We will provide further updates as soon as the investigation is complete. Regards, INDODAX — Indonesian Bitcoin & Crypto Exchange
The Indodax team in its statement failed to give away specific details on the Hack like the nature of the attack that compromised the platform and the part of the platform that was compromised.
The Indodax situation occurs roughly months after India’s biggest crypto exchange lost $233 million in an attack on its Multi Signature wallets. The Exchange is yet to recoup the money despite putting out a 20% bounty to any white hat hacker who can help recover the funds.
What to Know
Indodax has 4.3 million registered members on its platform and was founded in 2014 by Oscar Darmawan and William Sutanto.
Ethereum is fast becoming the go to crypto asset for hackers as the second biggest crypto asset after bitcoin.