An important hack happened at Indodax, one of Indonesia’s biggest bitcoin platforms, and around $22 million worth of digital assets were stolen. The breach went after the exchange’s “hot wallets,” which is where famous cryptocurrency like Bitcoin, Ether, TRX, and MATIC were stored. In response, Indodax has briefly stopped doing business so that it can look into the attack and figure out how bad the harm is.
Several blockchain security firms, such as PeckShield, Cyvers, and SlowMist, reported strange activity with Indodax’s wallets on September 11. This is when the incident became public. According to a study by SlowMist, the hacker may have used flaws in the exchange’s transfer system to get to the funds and take them out. Cyvers suggested that the hack could have affected more than one system, such as Indodax’s signature machine.
🚨SlowMist Security Alert🚨
— SlowMist (@SlowMist_Team) September 11, 2024
Indonesian crypto exchange @indodax suffered an attack a few hours ago, with the hacker stealing various tokens from hot wallets. The total loss is approximately $22 million💸. Below are the details of the losses⬇️ pic.twitter.com/r4i0rBbctJ
In response, Indodax shut down its web and mobile services right away to do a full review of its systems. The company told users in a statement that the platform is currently having maintenance to keep it safe and working properly. Users will not be able to access the platform during this time, but Indodax is working hard to get things back up and running as soon as possible.
Investigators think that the hacking group Lazarus, which is known for having ties to North Korea, may have been involved in the attack. Yosi Hammer, head of AI at Cyvers, said that the Indodax hack used similar techniques to attacks that were blamed on the Lazarus Group, which has been behind a number of well-known bitcoin thefts.
With a reserve amount of $369 million, Indodax might be able to pay the stolen funds, even though the company has lost them. While the probe goes on, the exchange is working to make its security stronger so that it doesn’t happen again. But the hack shows how dangerous smart hackers are becoming, especially in the cryptocurrency space where money can be moved and hidden quickly.
At this point, Indodax users are waiting for more information while the exchange works to fix the problem and make sure their funds are safe. The event is a stark warning of how dangerous the bitcoin market can be and how important it is to have strong security measures to keep platforms and users safe from attacks like these.
