Reported by The Block: 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.