Indodax, an Indonesian crypto exchange, was hacked, resulting in a $20 million loss, with stolen funds swapped into Bitcoin and Ethereum.
A criminal recently exploited the Indonesian crypto exchange Indodax, resulting in the theft of $20 million. The intruder has transferred the stolen funds to significant crypto assets, such as Ethereum and Bitcoin, according to Onchain data.
This development occurs in the context of the ongoing investigation into the $230 million hack that Indian crypto exchange WazirX experienced in July.
Indodax Experiences a $20 Million Hack
In an X post, the Onchain analytics platform disclosed that the Indonesian crypto exchange Indodax had been the victim of a $20 million exploit. In addition, the platform disclosed that the majority of the stolen assets had been exchanged for native cryptocurrencies by the perpetrator.
Among a variety of other crypto assets, the intruder currently possesses 5,204 ETH ($12 million), 25 BTC ($1.41 million), 6.84M POL ($2.56 million), and 16.7M TRX ($2.55 million).
Indodax has not yet issued a comprehensive report regarding the exploit’s occurrence. Subsequent to the exploit, the Indonesian crypto exchange issued an X post informing its customers that its security team had identified a “potential security issue” and was in the process of conducting comprehensive maintenance to guarantee the proper operation of the entire system.
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.
Indodax’s most recent X update disclosed that the maintenance was still in progress and assured customers that the platform would resume operations as soon as it was finalized.
Cryptocurrency Exploits Continue to Be a Concern
The most recent exploit on the Indonesian crypto exchange Indodax has once again underscored the significant concern that crypto schemes continue to pose. The Indian crypto exchange WazirX was compromised in July, resulting in the theft of $230 million.
The criminal has continued to transfer the stolen funds in the midst of an ongoing investigation. It was recently reported by Coingape that the WazirX intruder transferred 10,000 ETH ($23 million).
In order to render the funds untraceable, the intruder transferred 5,000 ETH through Tornado Cash, while the remaining half was transferred to a different address for the purpose of laundering the funds.
Tether and TRON have recently formed the T3 financial crime unit in conjunction with TRM laboratories in an effort to combat crypto crimes.
Despite the fact that the unit’s primary objective is to combat illicit activities involving USDT, it is undeniably a positive development as more crypto stakeholders collaborate to combat crypto exploits.
