Indonesian Exchange Indodax Hacked for $22M in Major Cyber Attack

In a significant breach, the Indonesian cryptocurrency exchange Indodax was hacked, with approximately $22 million worth of digital assets stolen. The cyber attack, which took place around 10 hours ago, saw a variety of assets being siphoned from the platform.

According to reports, the hacker has already begun converting the stolen funds into native cryptocurrencies. Currently, they hold substantial amounts across various blockchain networks. This includes 5,584 ETH, worth around $13 million, spread across Ethereum and Optimism, as well as 6.84 million MATIC (valued at $2.56 million) on the Polygon network. Additionally, the hacker possesses 16.7 million TRX ($2.55 million) on Tron and 25 BTC ($1.41 million).

The stolen assets from Indodax are diverse, with some of the largest holdings including 6.14 million USDT, 1,047 ETH (valued at $2.48 million), 25 BTC ($1.41 million), 2.2 million MATIC ($849,000), 1.4 million ARB ($749,600), and 2 million ENA ($465,000). It is believed that a significant portion of these assets has already been swapped for native cryptocurrencies, facilitating the hacker’s ability to avoid detection.

Growing Concerns Over Security in Crypto Exchanges

This incident raises fresh concerns over the security infrastructure of cryptocurrency exchanges, particularly in the Southeast Asian market. Indodax, one of Indonesia’s largest exchanges, is now facing scrutiny over how such a large sum was compromised. The breach follows a series of hacks on exchanges globally, underscoring the risks associated with holding assets on centralized platforms.

Authorities and security experts are actively investigating the attack, but the hacker remains at large. Indodax has yet to release a detailed statement regarding the breach, though it is expected that steps will be taken to bolster security measures moving forward.

This hack serves as another reminder of the vulnerabilities that exist within the cryptocurrency space, leaving traders and investors on edge as they await further updates on the recovery efforts.