Million

WazirX

<ul>
 <li>Indodax suffered a $20M crypto hack, with funds swapped into Bitcoin, Ethereum, and other major assets.&nbsp;&nbsp;</li>  
 <li>Indodax's hacker currently holds 5,204 ETH, 25 BTC, and various other assets totaling $20M.&nbsp;&nbsp;</li>  
 <li>Indodax continues to investigate the breach, while conducting maintenance to ensure platform security.</li> 
</ul>  
<p>Indodax, one of the biggest cryptocurrency exchanges in Indonesia, just experienced a serious security breach. $20 million worth of cryptocurrency assets were taken from the platform by hackers.&nbsp;</p>  
<p>According to on-chain data analysis, the stolen money has already been converted into a number of well-known cryptocurrencies, such as Bitcoin and Ethereum. This incident adds to the growing list of cryptocurrency hacks that have been targeting exchanges in the past few months.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/spotonchain/status/1833730842939765152
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-indodax-faces-mounting-pressure"><strong>Indodax Faces Mounting Pressure</strong></h2>  
<p>Notably, the breach was initially revealed in a post on X (formerly Twitter) by on-chain analytics platform SpotOnChain. According to their report, a significant amount of the pilfered assets were turned into cryptocurrency by the hacker.&nbsp;</p>  
<p>Currently, the hacker owns 25 BTC worth $1.41 million, 5,204 ETH valued at $12 million, and additional assets like POL and TRX. Investigations are still ongoing, but the total amount of funds stolen is still substantial.</p>  
<p>However, a thorough report describing the root cause of the breach has not yet been released by Indodax. On the other hand, they issued a brief statement on X alerting customers to a "potential security issue." Users were reassured by the exchange that their security team was working nonstop to find a solution.</p>  
<p>In addition to carrying out extensive system maintenance, Indodax guarantees that client funds are secure even while the investigation is still ongoing.In an odd move, Indodax declared that 3 million Rupiah ($195) would be given away while the platform was being maintained.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-growing-concerns-over-crypto-security"><strong>Growing Concerns Over Crypto Security</strong></h2>  
<p>Notably, the most recent in a series of well-publicized cryptocurrency attacks in 2024 is the Indodax hack. Indian cryptocurrency exchange WazirX experienced a $230 million hack earlier in July.&nbsp;</p>  
<p>To evade detection, the hacker behind the WazirX breach relocated a sizable portion of the stolen money <a href="https://cryptonewsland.com/wazirx-hackers-move-12m-in-eth-through-tornado-cash-after-the-230m-breach/" rel="noopener noreferrer nofollow">using</a> Tornado Cash. A similar tactic has been employed by the hacker connected to the Indodax incident, who moved assets into cryptocurrencies that are harder to trace.</p>  
<p>Additionally, in an effort to combat crimes pertaining to cryptocurrency, Tether, TRON, and TRM Labs recently <a href="https://cryptonewsland.com/tether-tron-and-trm-labs-launch-unit-to-combat-crypto-crime-on-tron-network/" rel="noopener noreferrer nofollow">joined</a> forces to establish the T3 financial crime unit. The unit's main goal will be to keep an eye out for any illicit activity involving Tether (USDT), but it's part of a larger initiative to address the security problems that the cryptocurrency market is facing.</p> 
<p>The post <a href="https://cryptonewsland.com/indonesian-crypto-exchange-suffers-20-million-loss-in-hack/" rel="noopener noreferrer nofollow">Indonesian Crypto Exchange Suffers $20 Million Loss in Hack</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Indonesian Crypto Exchange Suffers $20 Million Loss in Hack

Table of Contents

Crypto News Land

Other articles published on Sep 11, 2024

Dune Becomes the Most Comprehensive Onchain Data Hub for Polkadot’s 50+ Parachains

XRP Breakout Imminent? Crypto Expert Predicts $4.20 Target Amid Bullish Patterns

Two Levels Are Critical in Bitcoin: Half a Billion Dollars in Loss Possible!

Nubank Halts Nucoin Trading Amid Rewards Program Overhaul, Conversion Open for 90 Days

Crypto Prices Drop Despite Positive Economic Indicators

Making India a Global Hub for Blockchain: Giakaa Capital Unites Government, Investors, and Startu...

Join our free newsletter for daily crypto updates!