On September 11, the Indonesian cryptocurrency exchange, Indodax confirmed a major security breach resulting in the loss of over $22 million in digital assets, including Bitcoin (BTC), Ethereum (ETH), USDT, and other altcoins. The incident, which came to light earlier today, was first flagged by blockchain security firm PeckShield, which reported an unusual transfer of $15.7 million from Indodax accounts.
Shortly after, Cyver Alts, another blockchain monitoring firm, noted hundreds of suspicious transactions involving wallets associated with the exchange, spread across multiple blockchain networks. By now, Indodax officially acknowledged the hack, estimating total losses at $22 million.
As of now, the stolen tokens are distributed across various blockchain networks as follows:
- Bitcoin Network: 25.01 BTC ($1.4 million)
- TRON Network: 2.36 million USDT and 400,000 TRX
- Ethereum Network: 666.55 ETH, 1.98 million USDT, and other altcoins such as ARB, APE, UNI, and LINK
- Polygon Network: 6.84 million POL ($2.58 million)
- Optimism Network: 380 ETH (nearly $900,000)
Indodax, established in 2014 and the largest crypto exchange in Indonesia, manages assets worth approximately $400 million and serves over 2 million users. In response to the hack, the platform has been temporarily closed for maintenance, with no clear compensation plan announced for affected users.
A spokesperson for Indodax stated, “We are undergoing comprehensive maintenance to ensure the normal operation of our systems. During this time, the platform will remain inaccessible.”
The breach has raised further concerns about the security of cryptocurrency exchanges, following other major hacks this year, including DMM Bitcoin ($305 million), WazirX ($230 million), and BtcTurk ($54 million).
Despite the significant loss of $22 million, the impact on Bitcoin’s price has been minimal. As of this writing, BTC is trading at around $56,500. Analysts attribute this stability to the relatively small amount of BTC involved in the hack compared to the daily trading volume.
Additionally, traders are keeping a close eye on tonight’s U.S. CPI data release, which could influence market movements. Pav Hundal, an analyst at Swyftx, suggests that a lower-than-expected CPI could trigger a “short squeeze” in Bitcoin, potentially leading to the liquidation of short positions.
This latest hack highlights the ongoing vulnerability of crypto exchanges and the need for enhanced security measures to protect user assets in an increasingly digital world.
Related news: Indian Crypto Exchange WazirX Sees $230M in Suspicious Withdrawals
