As a researcher with years of experience in the cybersecurity field, I find myself constantly amazed by the ingenuity and audacity of hackers in today’s digital age. The recent hacking of IndoDax, one of Indonesia’s largest cryptocurrency exchanges, is yet another stark reminder of how vulnerable our systems can be to these relentless attacks.
In a recent cyberattack, one of Indonesia’s major cryptocurrency platforms, IndoDax, suffered a breach, leading to the misappropriation of approximately $20.5 million worth of digital assets distributed over various blockchain systems.
Cyvers Identifies Hack
Indonesian cryptocurrency trading platform IndoDax has experienced one of its largest security breaches, leading to the theft of approximately $20.5 million worth of digital assets. Cyvers was the first to recognize this intrusion following the detection of abnormal transactions on IndoDax’s system.
Yosi Hammer from Cyvers confirmed that the attack targeted the exchange’s hot wallets, stating,
There was a major security incident discovered on Indodax’s hot wallet, leading to a total theft of approximately $20.5 million spread across various blockchains. Our system immediately detected 160 crucial warning signs, starting with the movement of 660 Ether.
PeckShield and CertiK Confirm Breach
As an analyst, I’ve confirmed and amplified earlier reports by referencing data from PeckShield, a fellow security firm. They pinpointed a significant movement of approximately $16 million in cryptocurrency assets across Ethereum, Polygon, and Optimism networks. Notably, the stolen assets consisted of 5204 ETH stored in an Ethereum wallet, a massive 6.8 million POL on the Polygon network, and 380 ETH on the Optimism platform.
Furthermore, it was observed by security company CertiK that cybercriminals managed to infiltrate IndoDax’s online hot wallets, enabling a significant theft. Unlike cold wallets, which stay disconnected from the internet and are typically viewed as safer due to their offline status, hot wallets are more susceptible to attacks.
IndoDax Acknowledges Hack, Talks Next Steps
According to reports from security companies, IndoDax admitted to a breach in a statement posted on their website (previously known as Twitter).
The exchange wrote,
At present, we’re performing a full system overhaul to guarantee everything runs smoothly. Consequently, the INDODAX web platform and application might be unavailable for use during this process. However, rest assured that your balance remains completely secure, whether it’s in crypto or rupiah currency.
According to findings by Arkham, it appears that less than a portion of IndoDax’s vast crypto holdings, estimated at around $408 million across different digital tokens, was involved in the reported theft.
Growing Cyber Threats to Crypto Exchanges
The IndoDax breach comes in the wake of rising cyberattacks targeting cryptocurrency platforms. Just last week, the FBI warned of the growing threat posed by sophisticated North Korean hackers. These hacking groups have been linked to several high-profile crypto thefts globally.
In July, the Indian cryptocurrency exchange WazirX endured a cyberattack that incurred approximately $230 million in losses. The perpetrator behind this incident has yet to be identified, but the attack’s approach showed some resemblance to those employed by North Korea’s Lazarus Group – an infamous hacking collective notorious for striking financial institutions.
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2024-09-11 17:11