Indonesian cryptocurrency exchange Indodax has reportedly fallen victim to a security breach, resulting in significant losses of approximately $20.5 million. According to blockchain security firm SpotonChain, the exchange experienced large outflows of cryptocurrency from its platform.
Another security group, Cyvers Alerts also flagged suspicious transactions linked to Indodax’s wallets across multiple networks. Cyvers identified that around $14.4 million had already been moved to suspicious addresses, with tokens being swapped into Ether (ETH).
Following the breach, Indodax released a statement on X, stating that their security team was investigating the issue and conducting full maintenance to ensure platform stability. As a result, both the Indodax web and mobile applications were temporarily taken offline.
Further reports suggest the hacker has managed to swap most of the stolen assets and now holds 5,584 ETH worth $13 million, 6.84 million POL worth $2.56 million, 16.7 million TRX valued at $2.55 million, and 25 BTC worth $1.41 million.
The exchange, which serves a growing user base of over 28.5 million as of 2024, recently listed Islamic coins and other cryptos. Despite the security breach, Indodax recorded a 24-hour trading volume of $11.5 million, with Ethereum transactions accounting for $415,518 of that volume.
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