Indonesian Crypto Exchange Loses $20 Million Following Hack

The Indonesian crypto exchange Indodax recently suffered an exploit, with the hacker stealing $20 million. Onchain data shows that the hacker has swapped the stolen funds to major crypto assets, including Bitcoin and Ethereum. This development comes amid the ongoing investigation into the $230 million Hack suffered by the Indian crypto exchange WazirX back in July.

Indonesian Crypto Exchange Indodax Suffers $20 Million Hack

Onchain analytics platform revealed in an X post that the Indonesian crypto exchange Indodax had suffered a $20 million exploit. The platform further stated that the hacker had swapped most of the stolen assets for native cryptocurrencies. The hacker currently holds 5,204 ETH ($12 million), 25 BTC ($1.41 million), 6.84M POL ($2.56 million), and 16.7M TRX ($2.55 million), among several other crypto assets.

Meanwhile, Indodax has yet to release a complete report on how the exploit occurred. Following the exploit, the Indonesian crypto exchange informed its customers in an X post that their security team had discovered a “potential security issue” and was conducting complete maintenance to ensure that their entire system was operating properly.

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.

In its most recent X update, Indodax indicated that the maintenance was still ongoing and assured customers that the platform would recommence operations as soon as it was complete.

Crypto Exploits Remain A Concern

The recent exploit on the Indonesian crypto exchange Indodax again highlights how crypto scams remain a major concern. In July, the Indian crypto exchange WazirX was hacked, with $230 million stolen. Amid an ongoing investigation, the hacker has continued to move the stolen funds. Coingape recently reported that the WazirX hacker moved 10,000 ETH ($23 million). The hacker moved 5,000 ETH through Tornado Cash to make them untraceable, while the other half was moved to another address so they could launder the funds.

In a bid to fight crypto crimes, Tether and TRON recently collaborated to form the T3 financial crime unit alongside TRM labs. Although the unit’s major focus will be to fight illicit activities involving USDT, it is undoubtedly a step in the right direction as more crypto stakeholders collaborate to combat crypto exploits.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, Boluwatife is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.