Indonesian exchange Indodax faces $20 million loss from apparent exploit

Quick Take

  • Indodax said it has identified security issues on its platform, with Cyvers estimating the losses could amount to over $20 million.
  • Indodax added that it is conducting maintenance, and its website and app are currently inaccessible.

Indonesian cryptocurrency exchange Indodax appears to have experienced an exploit that has resulted in estimated losses of $20.5 million.

"We identified a significant security breach targeting Indodax's hot wallet, resulting in a loss of over $20.5 million across multiple chains," said Yosi Hammer from blockchain security firm Cyvers. "Our real-time monitoring systems flagged 160 critical red flags at the onset, beginning with a transfer of 660 ETH."

PeckShield also wrote on X earlier today that it detected large outflows of cryptocurrency worth about $15.7 million from Indodax. About 5,204 ETH was parked at an address on Ethereum, along with about 6.8 million POL on Polygon and about 380 ETH on Optimism, according to PeckShield.

In response to the reported security incidents, Indodax said in a post on X that its security team discovered potential security issues on its platform. “Currently, we are conducting complete maintenance to ensure the entire system is operating properly. During this maintenance process, the Indodax web platform and application are temporarily inaccessible,” said Indodax in a translated post.

Indodax claimed that its clients' funds remained “100% safe” both in crypto and rupiah.

The Indodax team did not immediately respond to The Block’s request for further comment.

The article has been updated throughout to include more details as estimated losses mount.


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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.

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