Indodax, an Indonesian exchange has been hacked

[Oshosondy]

The exchange has now gone offline after the hack. You can see the lists of coins and tokens that were stolen by the hackers on the image.

Indonesian crypto exchange
@indodax
 suffered an attack a few hours ago, with the hacker stealing various tokens from hot wallets. The total loss is approximately $22 million💸. Below are the details of the losses⬇️

Exchange hack is common. This should no more be a lesson to those that hold coins on exchanges.

[TheUltraElite]

Another month another exchange getting hacked. That is one humungous amount to be stealing. 25BTC itself is enough for a person living in a developing country to survive for years if spent correctly.

Anyway, I know many of my Indonesian forum members might be affected, nothing to be done now, you all know the legal red tape and all. Very low chance of convicting anyone, the ones who lost their money will be the only sufferers for years to come now.

Again and again we are seeing the names of "Tornado Cash" and "Lazarus group" come up.

Once again another event to remind ourselves, not to use the exchange as storage wallets.

[Husna QA]

The exchange has now gone offline after the hack. You can see the lists of coins and tokens that were stolen by the hackers on the image.

Indodax is one of the first and largest cryptocurrency exchanges in Indonesia. I often used this exchange in the past but have long since switched to another local exchanger. However, I don't store crypto assets in large amounts and for long periods there.

The Indodax website and mobile application are currently in maintenance status, and as of the time I wrote this post, they still cannot be accessed since the announcement on their social media (https://x.com/indodax/status/1833681240735760633).

Please also be careful of fraudsters who take advantage of this situation in the name of Indodax, such as the one posted by the scammer below:

https://x.com/indosldax/status/1833775844575019110

[ethereumhunter]

Yes, I heard that news. It is too sad hear another exchange has been hacked. We could hope that those who keeps their coin in that exchange can get refund from the exchange. I check on the site but it was said maintenance. Hopefully, the team can solve the problem and the members funds can be refund without any problem.

It is a lesson to us not to keep our assets in the exchange and make sure we have our own wallet so we can protect from the hacker. Hacker is in every where and we don't know who are they. Maybe they are our friends who knows where we save our coins or they can do many ways to trick and scam us by the way we can not believe.

[hugeblack]

I've never heard of it before but is this a big part of their reserves? For an average platform it's not that big.
There is a possibility of hacking any central service, but their behavior after that happens is what will determine their professionalism and their ability to pay all clients’ money 100% is what will gain them trust, and most importantly, do not leave money you do not need inside the platform.

[YOSHIE]

The exchange has now gone offline after the hack. You can see the lists of coins and tokens that were stolen by the hackers on the image.

This is bad and disastrous for Indodax users, including me, Indodax is one of the exchanges I use currently and I have Bitcoin and USDT assets there, this is a really bad situation if it gets hacked.

I tried to log in, couldn't.

Code:

Indodax application is in the process of maintenance.
Please visit indodax.com or our social media accounts for further information.

I think it's normal, because Indodax often carries out maintenance, but I don't think Indodax was hacked, what can I do with the assets there, this is really the worst situation I have ever faced, if it was hacked.

I can't say anything else for now, my heart is dropping, it's really bad, I'm really stuck, if it's really hacked, it's like a dream for me, it feels unbelievable.

very bad condition.

Cyber Alerts noted that there was an address that reportedly held assets worth around US$ 14.4 million (around Rp. 221 billion) which were then exchanged for Ether.

Warning, hey @indodax, our system has detected several suspicious transactions involving your wallet on various networks. "The suspicious address already held 14.4 million USD and exchanged the tokens for Ether," the company wrote on its X account.

[Potato Chips]

I think it's normal, because Indodax often carries out maintenance, but I don't think Indodax was hacked, what can I do with the assets there, this is really the worst situation I have ever faced, if it was hacked.

I can't say anything else for now, my heart is dropping, it's really bad, I'm really stuck, if it's really hacked, it's like a dream for me, it feels unbelievable.

Maintenance after the suspicious transactions indicating a hack is too much of a coincidence IMO.

However, their reserves indicate $369 million whereas current sum of loss is only $22 million so assuming there is no BS about the reserves, they will likely refund their users otherwise it would cost them their business.

According to CoinMarketCap data, Indodax has a reserve balance of $369 million, part of which could be repurposed to recoup investors’ losses.

Let's hope for the best. Try to calm down for now, bud.

[coin-investor]

Indodax is transparent; they did not try to hide or conceal it compared to our local exchange here, where it took them months before they found out about the hack and opened it to the public.

Its good that they have huge reserves to back up their losses but they need to do something for this not to happen again and prosecute the hackers at the same time.

Even if these exchanges guarantee that our funds are safe, we should not keep huge amounts to these exchanges, we should be our own bank and should possess the knowledge to secure our funds and ourselves as well.

[The Cryptovator]

Big loss for small exchange, it will be challenging to survive for a local exchange when such a big amount is hacked. On the other hand, users will be afraid to trade there again when more big exchanges exist on the market. This is the reason why you should always move your funds into a noncustodial wallet instead of storing them in a centralised exchange. Hope users funds will not be affected and they will compensate funds. It's their responsibility to secure users funds. When they fail to do it, then users funds should be untouched, just like Binance. Accidents could happen, but users funds shouldn't be affected. 

[sunsilk]

It seems that it's the known exchange in the country. $22M in losses is sure a lot of money.

I hope that the users are compensated on this one if ever there are funds from them that are affected. If not, this is the treasury of the exchange and the user should be given assurance that their funds are safe.

Still, we always give reminders to everyone for all of these exchanges that never to leave funds there.

[Darker45]

Read the news last night. Worried about users here who are from Indonesia. The exchange is probably one of the most trusted in their country, having been operating for 10 years.

The damage may be big but is somehow small compared to their assets which is almost $370 million as per CMC. Coingecko has it, however, that their proof of reserve isn't audited.

I hope they will reopen their platform sooner rather than later. The quicker they resume operation to normal, the better for their image. Otherwise, reopening could only mean a short window for their users to withdraw everything and move to another exchange for good.

[joniboini]

Read the news last night. Worried about users here who are from Indonesia. The exchange is probably one of the most trusted in their country, having been operating for 10 years.

I no longer use them because their features are a bit lacking for my needs. I'm unsure if anything has changed since I switched to another exchange a few years ago, but they're still one of the biggest exchanges here. That being said, the market has been competitive so if any exchange fails due to their mistake (whether they got hacked or not) I think it's fair if they lose some trust. I mean people shouldn't trust exchanges to begin with. Not to mention we can use other options if we want to liquidate or buy BTC.

[BABY SHOES]

It seems that it's the known exchange in the country. $22M in losses is sure a lot of money.

Indodax exchange losses are not that big compared to other exchanges.

I hope that the users are compensated on this one if ever there are funds from them that are affected. If not, this is the treasury of the exchange and the user should be given assurance that their funds are safe.

CEO-Indodax said that user funds are 100% safe even though they have suffered losses, and it can be accounted for that Indodax users will not experience the slightest loss due to this hack.

I hope they will reopen their platform sooner rather than later. The quicker they resume operation to normal, the better for their image. Otherwise, reopening could only mean a short window for their users to withdraw everything and move to another exchange for good.

The Indodax platform has returned to normal... Fiat deposits/withdrawals are back to normal but will have to wait for a queue as there may be a lot of activity in this regard.
Some coins can't make deposits/withdrawals still maintenance while some other coins such as BTC, ETH, USDT can already return deposits/withdrawals.
Trading has returned to normal as usual.

[Smartvirus]

The Indodax website and mobile application are currently in maintenance status, and as of the time I wrote this post, they still cannot be accessed since the announcement on their social media (https://x.com/indodax/status/1833681240735760633).

Please also be careful of fraudsters who take advantage of this situation in the name of Indodax, such as the one posted by the scammer below:

https://x.com/indosldax/status/1833775844575019110

Tried to visit the referred messaged on there X page but, it’s all in Indonesia, seems they didn’t leave much room for foreign participations or maybe they did have a language change option but, not on the X page.

Being one of the largest, it’s really difficult to have people adhere to warnings like, not having to leave their coins on an exchange. They most likely are always going to ignore that, banking on size and year in the business for trust. Of course, they aren’t the same and you ought not to confuse or mix them both.

Get large enough, you get targeted and when the securities aren’t strong enough, a lot of users are bound for loses. Over $22m averaged in losses, that’s huge.

[Taskford]

It seems that it's the known exchange in the country. $22M in losses is sure a lot of money.

Indodax exchange losses are not that big compared to other exchanges.

I hope that the users are compensated on this one if ever there are funds from them that are affected. If not, this is the treasury of the exchange and the user should be given assurance that their funds are safe.

CEO-Indodax said that user funds are 100% safe even though they have suffered losses, and it can be accounted for that Indodax users will not experience the slightest loss due to this hack.

Still huge loss for them since imagine this is what happen to their volume now https://coinmarketcap.com/exchanges/indodax/ It totally decrease a lot and I guess it maybe take time for them to recover their overall spot trading volume due to recent hack happened on their exchange.

But still everything is fine since they manage to handle it well and we can say that despite of these hacking incident happened to them they are still doing good for executing refund and make everything work immediately so I think the confidence or trust of people still there and they would continue to patronize their exchange.

[Husna QA]

-snip-
Being one of the largest, it’s really difficult to have people adhere to warnings like, not having to leave their coins on an exchange. They most likely are always going to ignore that, banking on size and year in the business for trust. Of course, they aren’t the same and you ought not to confuse or mix them both.

Get large enough, you get targeted and when the securities aren’t strong enough, a lot of users are bound for loses. Over $22m averaged in losses, that’s huge.

A few days ago, Indodax issued its Proof of Reserve so that members can see Indodax's crypto assets 100% according to the member's wallet balance.
https://blog.indodax.com/en_US/update-maintenance-por/

Yesterday, the Indodax website and mobile application started to be accessible even though not all of the features were 100% functional. However, just as I tried to open them again, several coins, including Bitcoin, were already being actively traded again.

[Potato Chips]

The Indodax platform has returned to normal... Fiat deposits/withdrawals are back to normal but will have to wait for a queue as there may be a lot of activity in this regard.
Some coins can't make deposits/withdrawals still maintenance while some other coins such as BTC, ETH, USDT can already return deposits/withdrawals.
Trading has returned to normal as usual.

I am glad they made a return quickly. Yes it's only partial but it could cut a heavy amount of anxiety on people. I hope YOSHIE is able to breathe now as well 

I'm hoping they keep the momentum and make a complete comeback with all the services as well. They might be able to recover or freeze a portion of the hacked funds if they cooperate with related entities.

[Text]

It's really unfortunate to hear about the Indodax hack. Sadly, exchange hacks are becoming all too common, and this should serve as yet another reminder to avoid holding large amounts of funds on centralized platforms. Storing crypto in personal wallets, especially cold wallets, is much safer for long-term security. It's another wake-up call to always prioritize security over convenience.

[joniboini]

Tried to visit the referred messaged on there X page but, it’s all in Indonesia, seems they didn’t leave much room for foreign participations or maybe they did have a language change option but, not on the X page.

I believe they accept foreign users too. You can register as long as you can pass their KYC which requires your ID. They have an English and Chinese UI option, but it's clear that they focus on the local market. I don't think the market for foreign users who visit or live in Indonesia is that large to begin with. CMIIW.

It's another wake-up call to always prioritize security over convenience.

Sadly some people will still ignore this for whatever reason. Can't blame them if they prefer convenience if the alternatives are worse. At the very least they should demand better service or guarantee that their funds are recoverable. Not just a simple screenshot with no verifiable data.

[freedomgo]

I hope this isn’t an inside job or an exit scam. Unfortunately, situations like this are not new, so it's not really surprising anymore.

Lesson learned here: aside from avoiding storing your coins in an exchange, it's also important to choose exchanges with a solid reputation and proven track record. For example, Binance, which was once hacked, still managed to stay operational thanks to their insurance (SAFU fund), even after losing a significant amount.