IndoDax Hack Exposes $20 Million Loss: What Next for Crypto?

Yet another huge blow to the crypto world. IndoDax, the largest cryptocurrency exchange in Indonesia, has suffered a significant security breach. The hack, which occurred roughly nine hours before the discovery of suspicious transactions by the Web3 security firm Cyvers, resulted in the theft of digital assets worth approximately $20 million.

As the investigation unfolds, the full extent of the damage remains to be seen.

A Look at the Hacker’s Portfolio

The attacker managed to convert most of the stolen funds into native cryptocurrencies, amassing substantial assets across several major networks, including Ethereum (ETH), Optimism (OP), Polygon (POL), Tron (TRX), and Bitcoin (BTC).

Here’s a breakdown of the hacker’s current holdings:

• 5,584 ETH: Approximately $13 million, including assets in Ethereum and Optimism.
• 6.84 million POL (MATIC): Equivalent to $2.56 million in Polygon.
• 16.7 million TRX: Worth $2.55 million in Tron.
• 25 BTC: Valued at about $1.41 million.

Action Steps

Cyvers has flagged over 150 transactions as potentially fraudulent, estimating the total losses could reach up to $18.2 million. The firm has urged IndoDax to act swiftly to mitigate further losses.

In response to the attack, IndoDax has temporarily suspended its web and mobile operations for a comprehensive system check. The exchange reassured its users that their funds, both in cryptocurrencies and Indonesian Rupiah, remain secure.

“We are performing a full maintenance so that our users’ safety and security is not compromised. We will post a status once the investigation is over,”

A Major Setback for IndoDax

This breach poses a serious threat to IndoDax, one of Indonesia’s premier crypto exchanges. The platform, which has seen its user base grow from 9.9 million in 2021 to 28.52 million in 2024, recorded a trading volume of $11.5 million in the 24 hours preceding the attack.

The investigation into the hack is still underway, and the crypto community is eagerly awaiting further updates as IndoDax works to restore its operations and secure its platform.

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Only time will tell if the exchange can recover and regain the confidence of its millions of users.