By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    How a data journalist at The Economist, Sondre Solstad, uses Our World in Data
    How a data journalist at The Economist, Sondre Solstad, uses Our World in Data
    April 29, 2025
    Oil giant ConocoPhillips’ pullout from US.1b Sarawak project a fallout of state’s rift with Petronas
    Oil giant ConocoPhillips’ pullout from US$3.1b Sarawak project a fallout of state’s rift with Petronas
    April 29, 2025
    The reality TV star, her m ring and the ‘grandpa’ robbers who allegedly stole it from her
    The reality TV star, her $4m ring and the ‘grandpa’ robbers who allegedly stole it from her
    April 29, 2025
    Number killed in Iran explosion rises to 65 after Tehran denied blast was ‘linked to fuel for missiles’ | World News
    Number killed in Iran explosion rises to 65 after Tehran denied blast was ‘linked to fuel for missiles’ | World News
    April 28, 2025
    The ODNI, 20 Years After Its Creation: Reflections From the First Director
    The ODNI, 20 Years After Its Creation: Reflections From the First Director
    April 28, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Bitcoin On Track To Surpass 4,840, While This New Meme Coin Eyes Dogecoin’s 36,750% Surge
    Bitcoin On Track To Surpass $114,840, While This New Meme Coin Eyes Dogecoin’s 36,750% Surge
    April 29, 2025
    Bitcoin Short-Term Balances Surge – Relief Rally Or Something Bigger?
    Bitcoin Short-Term Balances Surge – Relief Rally Or Something Bigger?
    April 29, 2025
    Bitcoin Price (BTC) Retakes K Level After Early U.S. Decline
    Bitcoin Price (BTC) Retakes $95K Level After Early U.S. Decline
    April 29, 2025
    Price analysis 4/7: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO
    Price analysis 4/7: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO
    April 28, 2025
    BNB Chain price among ‘most resilient’ altcoins of the bull market — Here’s why
    BNB Chain price among ‘most resilient’ altcoins of the bull market — Here’s why
    April 28, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected $22M Breach
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected $22M Breach
Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected M Breach
Cryptocurrency

Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected $22M Breach

Published September 12, 2024
Share
4 Min Read
SHARE

Contents
Indodax Pauses Platform Operations Due To Security BreachCryptocurrency Hacks Surge In 2024

Indonesian cryptocurrency exchange Indodax is the latest to fall victim to a hack, resulting in the theft of approximately $22 million in digital assets.

Indodax Pauses Platform Operations Due To Security Breach

According to a post by blockchain security firm SlowMist on X, the hackers stole digital assets such as Bitcoin (BTC), multiple ERC-20 tokens from the Ethereum (ETH) blockchain, TRX and USDT tokens from the Tron (TRX) blockchain, Polygon (POL), and ETH from the Optimism (OP) blockchain. The total loss is estimated to be around $22 million.

Indodax confirmed the hack and has temporarily paused all platform operations due to “maintenance” activities. The trading platform has assured its users that their crypto funds are safe. The exchange said:

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.

Founded in 2014, Indodax primarily serves the Indonesian crypto market and recorded a total trading volume of slightly more than $11 million in the past 24 hours. 

SlowMist’s analysis ruled out any possible hot wallet hack. Rather, the blockchain security firm notes that it is possible that Indodax’s withdrawal system was compromised, which gave hackers access to the exchange’s hot wallet and the ability to withdraw funds seamlessly.

Similarly, digital assets security firm Cyvers noticed “multiple suspicious transactions involving wallets on different networks.” The wallet address suspected of orchestrating the hack could be observed swapping different tokens to ETH. While it remains to be seen what the hacker’s next moves will be, they typically leverage cryptocurrency mixers like Tornado Cash to obscure the trail of their crypto transactions.

Data from CoinMarketCap indicates that Indodax has sufficient reserves to compensate for the lost funds. At press time, Indodax’s total financial reserves are worth $367 million, and the bulk of their funds are distributed among digital currencies such as BTC, ETH, PEPE, SHIB, and USDT. However, data from Arkham Intelligence estimates the total figure to be even higher, at $409 million.

Source: CoinMarketCap.com

Cryptocurrency Hacks Surge In 2024

Yosi Hammer, head of AI at Cyvers told BSCN that the characteristics and patterns of the Indodax hack closely resemble those of the notorious North Korean hacking group Lazarus.

Close followers of the crypto industry would know of Lazarus, the infamous hacking group responsible for executing multiple high-profile hacks over the past few years. For instance, the recent hack of Indian cryptocurrency exchange WazirX is linked to Lazarus, which resulted in a loss of $234 million in user funds.

A recent report by Immunefi noted that hackers are keeping up with advances in security in the crypto industry as the value of total stolen funds has increased by 15.5% compared to 2023 for the same period. BTC trades at $56,701 at press time, down 1% in the last 24 hours.

bitcoin
Bitcoin is down almost 1% on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, Charts from CoinMarketCap.com, TradingView.com

#Crypto #Hack #Indonesias #Indodax #Offline #Suspected #22M #Breach

TAGGED:22MBreachCryptoHackIndodaxIndonesiasOfflinesuspected
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article If America puts missiles in Japan, Russia and China will join forces, the Kremlin suggests If America puts missiles in Japan, Russia and China will join forces, the Kremlin suggests
Next Article New Chinese Aircraft Carrier’s Catapult Control ‘Bubble’ Looks Very Familiar New Chinese Aircraft Carrier’s Catapult Control ‘Bubble’ Looks Very Familiar

You Might Also Like

Metaverse On Watch: China Reportedly Considering Integration Of Social Credit System
Cryptocurrency

Metaverse On Watch: China Reportedly Considering Integration Of Social Credit System

August 21, 2023
Bitcoin Bull Run: Crypto Analyst Publishes Guide On How To Know The Market Top
Cryptocurrency

Bitcoin Bull Run: Crypto Analyst Publishes Guide On How To Know The Market Top

September 20, 2024
Avalanche Foundation allocates M investment to on-chain asset token purchases
Cryptocurrency

Avalanche Foundation allocates $50M investment to on-chain asset token purchases

July 26, 2023
Ant Group reportedly plans IPO, blockchain firm discloses offer price on Nasdaq, and more
Cryptocurrency

Ant Group reportedly plans IPO, blockchain firm discloses offer price on Nasdaq, and more

July 26, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?