Indonesian crypto exchange Indodax suffers $22m hack: report

Indonesian crypto exchange Indodax has seemingly suffered an attack, with the hacker stealing over $20 million worth of crypto from hot wallets.

Cryptocurrency exchange Indodax (previously known as Bitcoin Indonesia) has allegedly suffered an attack after an unknown entity withdrawing tens of millions of dollars worth of crypto liquidity from the platform.

In a Sept. 11 post on X, blockchain analytics firm SlowMist alarmed that the trading platform seemingly suffered an attack, with the hacker stealing around $22 million in various tokens from the exchange’s hot wallets. Analysts at Cyvers, another blockchain forensic firm, say the hackers have already swapped the stolen tokens to Ethereum (ETH), with on-chain data showing altcoins have also been converted into TRON (TRX), Polygon (POL), and Bitcoin (BTC).

Following the reports, Indodax’s official page on X issued a post, saying its security team had discovered a “potential security issue on our platform,” adding that the platform is conducting “complete maintenance to ensure the entire system is operating properly.” The exchange has “temporarily” suspended access to the platform, reassuring users that their balance “remains 100% safe both in crypto and rupiah.” However, the specifics of the hack were not disclosed.

Founded in 2014 by Oscar Darmawan and William Sutanto, Indodax boasts over 4.3 million registered and verified members. The exchange also claims to have earned various certifications and permits from the Commodity Futures Exchange Supervisory Board and the Ministry of Communication and Information of the Republic of Indonesia.