IndoDax, one of Indonesia's largest cryptocurrency exchanges, has been hacked, resulting in the theft of over $20.5 million in digital assets across multiple blockchain networks.
Cyvers Identifies Hack
Indonesian cryptocurrency exchange IndoDax has fallen victim to one of the most significant security attacks on the platform to date, resulting in the theft of over $20.5 million in digital assets. Cyvers was the first to identify the breach after detecting a series of unusual transactions on IndoDax’s platform.
Yosi Hammer from Cyvers confirmed that the attack targeted the exchange’s hot wallets, stating,
“We identified a significant security breach targeting Indodax's hot wallet, resulting in a loss of over $20.5 million across multiple chains. Our real-time monitoring systems flagged 160 critical red flags at the onset, beginning with a transfer of 660 ETH."
PeckShield and CertiK Confirm Breach
Another security firm, PeckShield, corroborated the findings by highlighting an outflow of nearly $16 million worth of crypto assets across the Ethereum, Polygon, and Optimism chains. According to PeckShield, the stolen assets included 5204 ETH parked in an Ethereum wallet, 6.8 million POL on Polygon, and 380 ETH on Optimism.
In addition, research firm CertiK noted that hackers gained access to IndoDax’s internet-connected hot wallets, facilitating the large-scale theft. These wallets are more vulnerable to attacks compared to cold wallets, which remain offline and are generally considered more secure.
IndoDax Acknowledges Hack, Talks Next Steps
Following the reports from security firms, IndoDax acknowledged the breach in a statement on X.com (formerly Twitter).
The exchange wrote,
“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.”
As blockchain research platform Arkham pointed out, IndoDax’s treasury contains over $408 million in various crypto tokens, indicating that the stolen amount represents a small fraction of the platform's total assets.
Growing Cyber Threats to Crypto Exchanges
The IndoDax breach comes in the wake of rising cyberattacks targeting cryptocurrency platforms. Just last week, the FBI warned of the growing threat posed by sophisticated North Korean hackers. These hacking groups have been linked to several high-profile crypto thefts globally.
In July, Indian exchange WazirX suffered a hack that resulted in a $230 million loss. While the responsible party has yet to be confirmed, the attack’s method bore similarities to those of North Korea’s Lazarus Group, a notorious hacking organization known for targeting financial institutions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
