Indonesian Crypto Exchange Indodax Hacked for $22 Million, Lazarus Group Suspected

YEREVAN (CoinChapter.com) — Indonesian cryptocurrency exchange Indodax has been hacked in a massive security breach, resulting in the theft of approximately $22 million in various cryptocurrencies.

Indodax Hack: Indonesian Crypto Exchange Loses $22M in a Massive Theft

YEREVAN (CoinChapter.com) — Indonesian cryptocurrency exchange Indodax has been hacked in a massive security breach, leading to the theft of around $22 million in several cryptocurrencies.

On September 11, blockchain security companies, including PeckShield, Cyvers, and SlowMist, detected the attack. The hacker targeted the exchange’s hot wallets, compromising assets like Bitcoin, Tron, Ether, Polygon, and Optimism.

The hacker stole over $1.42 million in Bitcoin, $2.4 million in Tron, $14.6 million in ERC-20 tokens, and $2.58 million in Polygon. Authorities detected more than 150 suspicious transactions as the hackers swapped the stolen tokens for Ether. Cyvers suggested that the hackers might have used Tornado Cash, a crypto-mixing service, to conceal the stolen assets.

Indodax Shuts Down Platforms for Investigation After $22M Hack, Assures User Asset Safety

After discovering the breach, Indodax promptly suspended both its web and mobile applications to begin an investigation. In a statement, the company said,

“We are currently undergoing maintenance to ensure our system is fully secure. During this time, the Indodax platform will be temporarily inaccessible.”

The exchange assured users that it’s closely monitoring their crypto assets to ensure they remain safe.

According to CoinMarketCap, Indodax has a reserve balance of $369 million, which could potentially be used to recover the lost funds. However, the exchange has not yet disclosed any specific recovery plans. Indodax promised to keep users updated as the system investigation progresses.

Lazarus Group Suspected, Stolen Funds Still Under Investigation

Meanwhile, experts suspect that the Lazarus Group, a notorious North Korean hacker group, might be involved in the Indodax hack. Yosi Hammer, head of AI at Cyvers, stated that the Indodax attack aligns with other hacks carried out by Lazarus.

The group has been linked to several high-profile hacks, including the $235 million breach on WazirX in July. Notably, the Lazarus Group has stolen over $200 million in cryptocurrencies since 2020, targeting exchanges worldwide.

Investigators are still tracking the stolen assets, and Indodax is working to identify those responsible for this latest attack. The exchange has not yet announced when it will restore services but assured users it will provide an update as soon as the investigation concludes.

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