One of Indonesia’s top crypto exchanges, Indodax, has shut all operations and went offline after hackers stole crypto assets worth $22 million.
On Wednesday morning, a number of blockchain security companies raised alarm on X, claiming there has been a security breach with Indodax. Reportedly, the hackers moved multiple crypto assets including Bitcoin, Ethereum and Solana amongst others from the exchange’s hot wallet.
Slowmist, a blockchain security company, in their investigation said they are certain that Indodax’ hot wallet has been compromised and that the hackers have taken control of their withdrawal system.
Another Blockchain security company, Cyvers, also alerted on the Indodax breach. Urging the crypto exchnage to take quick action, Cyvers wrote a note on X: “We have detected more than 150 transactions and total loss of $18.2 million, please take action.”.
In response, Idodax has shut down all operations including their apps.
Cryptocurrencies have become increasingly popular in Indonesia. Recently, the country’s financial regulator also approved a full-scale licence for Tokocrypto, a Binance-backed crypto exchange.
While it is not clear yet, there are unconfirmed reports of the Indodax hack to be executed by North-korean based hackers. Recently, the FBI in the US, had also alerted that state-sponsored hackers could target US crypto firms.
Note: This is a developing story. We will update with important developments as they unfold.
