Indodax, one of Indonesia’s largest cryptocurrency exchanges, has reportedly suffered a significant security breach, which the company has also confirmed.
In a message posted on X (formerly Twitter), Indodax said that its security team has discovered a potential security issue on its platform. It added that the cryptocurrency exchange is currently down for maintenance to ensure the system is operating properly.
Further, Indodax has since disabled its mobile and web applications to investigate the breach further. Despite the security incident, it assured the Indodax users that their balance is 100% safe 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,” Indodax wrote in the X post.
While Indodax did not reveal the nature of the breach, the methods used by the attackers, or the losses it suffered in the crypto hack, it is said to have lost more than $20 million in assets due to the security breach.
This report comes from Cyvers Alerts, a blockchain security platform that was the first to detect and report a series of suspicious transactions to Indodax.
According to the report, more than 150 suspicious transactions, initially amounting to $14.4 million in assets, were carried out across various networks. The stolen tokens were then swiftly converted into Ether (ETH) through decentralized exchanges. However, the stolen amount was updated within hours to reflect more than $20 million.
A detailed analysis by the Onchain analytics platform Spot On Chain (@spotonchain) revealed that the hacker holds 5,584 ETH, which is valued at $13 million over Ethereum and Optimism. They also possess 6.84 million POL (previously known as MATIC), worth $2.56 million on the Polygon network, Tron (TRX) tokens, totaling $2.55 million, and 25 BTC, worth $1.41 million.
Founded in 2014, Indodax (Indonesia Digital Asset Exchange) is one of the leading cryptocurrency exchanges in Indonesia. Its user base is over 6.8 million across various regions. It manages assets worth over 370 million USD and has over 2 million registered accounts.
This incident highlights the widespread weaknesses within the cryptocurrency exchange industry, calling for enhanced security measures and user vigilance.
This is not the first time that hackers have targeted a cryptocurrency exchange.
In July 2024, WazirX, a leading cryptocurrency exchange in India, was targeted, and $234.9 million worth of crypto assets were stolen from the exchange.
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