Indonesian crypto exchange Indodax goes offline after suspected $22M hack

Indonesian crypto exchange Indodax suffered a loss of approximately $22 million in various cryptocurrencies and has since disabled its mobile and web applications to investigate the breach.

On Sept. 11, multiple blockchain investigation firms, including PeckShield, Cyvers and SlowMist, alerted against an attack on Indodax’s hot wallets. The hacker stole large amounts of Bitcoin (BTC), Tron (TRX), Ether (ETH), Polygon (MATIC) and Optimism (OP).

SlowMist’s independent investigation suggested a breach in Indodax’s withdrawal system, which allowed the hacker to withdraw funds from Indodax exchange’s hot wallet.

Shortly after, Indodax acknowledged the hack and informed users about a temporary shutdown of services. The company said in a statement that:

“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.”

However, the crypto exchange reassured investors about the safety of their crypto assets.