Indonesian crypto exchange Indodax has suffered a major hack, losing $22 million in assets from its hot wallets. Blockchain analytics firms Slowmist and Cyvers detected the breach, revealing that the stolen assets included 25.01 BTC, $2.36 million USDT, and 400,000 TRON, among others.
The hacker has since converted much of the stolen cryptocurrency to Ethereum, with further swaps into Tron, Polygon, and Bitcoin.
Indodax, formerly known as Bitcoin Indonesia, issued a statement to assure users that their balances remain safe despite the platform being temporarily inaccessible for maintenance.
However, the exchange has not yet provided specific details on the nature of the hack or how the platform was compromised.
This incident follows a similar hack earlier this year on India’s WazirX, where hackers also converted stolen funds to Ethereum.
Both exchanges have faced major security challenges, with Indodax being one of Indonesia’s largest crypto platforms, boasting 4.3 million registered users.