- Indodax suffered a $20M crypto hack, with funds swapped into Bitcoin, Ethereum, and other major assets.
- Indodax's hacker currently holds 5,204 ETH, 25 BTC, and various other assets totaling $20M.
- Indodax continues to investigate the breach, while conducting maintenance to ensure platform security.
Indodax, one of the biggest cryptocurrency exchanges in Indonesia, just experienced a serious security breach. $20 million worth of cryptocurrency assets were taken from the platform by hackers.
According to on-chain data analysis, the stolen money has already been converted into a number of well-known cryptocurrencies, such as Bitcoin and Ethereum. This incident adds to the growing list of cryptocurrency hacks that have been targeting exchanges in the past few months.
Indodax Faces Mounting Pressure
Notably, the breach was initially revealed in a post on X (formerly Twitter) by on-chain analytics platform SpotOnChain. According to their report, a significant amount of the pilfered assets were turned into cryptocurrency by the hacker.
Currently, the hacker owns 25 BTC worth $1.41 million, 5,204 ETH valued at $12 million, and additional assets like POL and TRX. Investigations are still ongoing, but the total amount of funds stolen is still substantial.
However, a thorough report describing the root cause of the breach has not yet been released by Indodax. On the other hand, they issued a brief statement on X alerting customers to a "potential security issue." Users were reassured by the exchange that their security team was working nonstop to find a solution.
In addition to carrying out extensive system maintenance, Indodax guarantees that client funds are secure even while the investigation is still ongoing.In an odd move, Indodax declared that 3 million Rupiah ($195) would be given away while the platform was being maintained.
Growing Concerns Over Crypto Security
Notably, the most recent in a series of well-publicized cryptocurrency attacks in 2024 is the Indodax hack. Indian cryptocurrency exchange WazirX experienced a $230 million hack earlier in July.
To evade detection, the hacker behind the WazirX breach relocated a sizable portion of the stolen money using Tornado Cash. A similar tactic has been employed by the hacker connected to the Indodax incident, who moved assets into cryptocurrencies that are harder to trace.
Additionally, in an effort to combat crimes pertaining to cryptocurrency, Tether, TRON, and TRM Labs recently joined forces to establish the T3 financial crime unit. The unit's main goal will be to keep an eye out for any illicit activity involving Tether (USDT), but it's part of a larger initiative to address the security problems that the cryptocurrency market is facing.
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