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Indonesian cryptocurrency exchange Indodax recently experienced a major security breach, resulting in the theft of approximately $22 million worth of various cryptocurrencies, including Bitcoin, Ether, Tron, Polygon, and tokens from the Optimism blockchain. The attack targeted the exchange’s hot wallets, prompting Indodax to temporarily suspend operations across both its mobile and web platforms.
The breach was first detected by blockchain investigation firms such as PeckShield, Cyvers, and SlowMist, which revealed that the hacker exploited vulnerabilities in the withdrawal system or possibly attacked other critical systems like the signature machine. Over 150 suspicious transactions were tracked, and the stolen assets were converted to Ether before being laundered through mixing services like Tornado Cash.
Indodax acknowledged the hack, reassured users of the security of their assets, and announced a complete system maintenance to investigate the breach further. However, suspicions have arisen about the involvement of North Korea’s notorious hacking group, Lazarus, which has been linked to similar attacks on other crypto platforms.
The Lazarus group has previously been implicated in high-profile crypto thefts, including a $235 million hack on the Indian crypto exchange WazirX in July. Blockchain forensics firms, including Elliptic and security investigators like ZachXBT, have identified patterns in these attacks that are consistent with the group’s operations.
Indodax, which holds a reserve balance of $369 million according to CoinMarketCap, may use these funds to recover investors’ losses as it investigates and recovers from the breach.
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