Indodax Crypto Exchange Breached for $22 Million
In a significant security breach, Indonesia-based cryptocurrency exchange Indodax has been hacked, resulting in the theft of over $22 million worth of various digital tokens. The exchange, which primarily serves the local Indonesian market, was forced to pause its operations early Tuesday, citing 'maintenance' as the reason.
Details of the Attack
According to security firms Slowmist and CertiK, the attack targeted the exchange's hot wallets. Hot wallets are digital wallets connected to the internet, often used for day-to-day trading because of their easy accessibility. However, this also makes them more vulnerable to cyber-attacks.
The stolen tokens include over $14 million in Ether (ETH), $2.4 million in Tron's TRX, $1.4 million in Bitcoin (BTC), and $2.5 million in Polygon's MATIC, among other smaller amounts in various tokens. Despite this loss, data from Arkham shows that Indodax's wallets still hold over $400 million worth of digital assets.
Impact on Users
Indodax is a well-established exchange, having been operational since 2014. Recent data from CoinGecko revealed that the platform traded over $11 million worth of cryptocurrencies in the past 24 hours, offering all tokens against the Indonesian rupiah. In light of the attack, several users have reported issues with seeing their wallet balances, raising concerns over the security of remaining funds.
Potential Social Media Compromise
Adding to the chaos, Indodax's official Instagram page featured a suspicious 'giveaway' announcement involving the Indonesian rupiah. Such activities can be indicative of a social media account compromise, suggesting the breach may have extended beyond just the wallet systems.
Ongoing Investigation
While the exact mechanism of the attack remains undisclosed, Indodax's decision to pause platform operations indicates a thorough investigation is underway. As of now, users are advised to stay vigilant and monitor official Indodax communications for updates.
This incident highlights the persistent security challenges facing centralized cryptocurrency exchanges and underscores the importance of robust security measures to protect digital assets.
