Indonesian crypto exchange Indodax is on a slippery slope following its latest exploit that resulted in the loss of millions of dollars.
Preliminary findings show that the amount siphoned likely hovers in the $15 million to $22 million bracket.
This incident was flagged by blockchain security firms PeckShield, SlowMist, CertiK, and Cyvers Alerts. They detected unusual transactions flowing out of Indodax's wallets across multiple networks.
Reports by blockchain security firms showed that the stolen assets included Ethereum, Polygon (POL) tokens, Tron (TRX) tokens, Bitcoin (BTC), and various other ERC-20 tokens.
Particularly, PeckShield identified that the attackers swindled 5,204 ETH, valued at approximately $12.37 million, and parked it in a suspicious address on the Ethereum blockchain.
Additionally, 6.8 million POL tokens, worth about $2.64 million, were stolen on the Polygon network.
The attack also saw the theft of 16.7 million Tron (TRX) tokens, totaling around $2.55 million, as well as 25.01 BTC, valued at $1.44 million.
Further analysis identified around 380 ETH, worth about $900,000, stored on the Optimism network, and various other ERC-20 tokens worth approximately $1.2 million.
This multi-platform exploit has raised significant concerns about the security protocols in place at Indodax, one of Indonesia's leading crypto exchanges.
The Indodax team announced a full platform maintenance shutdown. They further assured users that their funds remained safe, despite the ongoing investigation. The translated post on X read,
“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.”
Meanwhile, the scale of the exploit has cast a shadow over the exchange, which serves over 28.5 million users and reported a 24-hour trading volume of $11.5 million just before the incident occurred.
Notably, this incident comes on the heels of a similar exploit experienced by Indian exchange WazirX, which suffered losses exceeding $200 million in July.
The rise in such attacks has raised concerns over the security measures in place at some of the biggest crypto exchanges globally.
Indodax, one of Indonesia’s largest crypto trading platforms, had enjoyed strong growth and a surge in user adoption over recent years. However, this hack has exposed vulnerabilities that could undermine user confidence.
