Indonesian crypto exchange, Indodax suffers $22m cyber exploit

Indonesia-based cryptocurrency exchange, Indodax is the latest victim of a fresh cyber attack in the virtual assets industry. In the early hours of Wednesday, the exchange appears to have endured an exploit that claimed an estimated $22 million worth of investors’ deposits.

Popular blockchain analytical firm, SlowMist, in a post via its X (formerly Twitter) page revealed that a hacker stole up to $22 million from the exchange’s hot wallets. Further, the firm added that the attacker may have compromised the withdrawal system of the platform.

As per SlowMist, the stolen funds only represent a small portion of the exchange’s reserve which underlines that the hacker has not inflicted any serious damage. Meanwhile, despite how the attack manifested some hours ago, as of press time, Indodax is yet to give an estimate of the stolen funds.

Further, the exchange through a post on its official X page indicated that it discovered potential security issues within its system in the earlier hours of Wednesday. Indodax communicated that it is presently carrying out complete system maintenance to ensure the smooth running of its platform.

Various Estimation of the Assets the Hacker Stole From Indodax

In a separate post, Cyvers, another blockchain security firm, estimated the loss to be more than $20.5 million. The company discussed how it identified a serious security breach aimed at the exchange’s hot wallet.

Cyvers explained how its real-time monitoring systems detected 160 critical red flags with a transfer of 660 ETH leading the exploit. Additionally, PeckShield also reported on X earlier today that it noticed a massive outflow of cryptocurrency from Indodax.

However, PeckShield estimated the loss to be around $15.7 million. As revealed, the hacker made away with 5,204 ETH from one Ethereum address. Likewise, the exploiter also took about 6.8 million POL from Polygon and another 380 ETH on Optimism.