Indodax, an Indonesian exchange has been hacked

[examplens]

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

Is it possible that every hack comes from the Lazarus group or is that the easiest explanation? It has been known about them for years, many services have been closed because coins are linked to their addresses. Are the investigators and those who deal with Lazarus so incompetent?

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.

It's still a lot of money, it's little consolation to them that there are cases with a bigger loss.

[tabas]

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.

The other exchanges now have an idea of what they'd do if something like this happened to them. It's either they admit the real fault or incompetency that they have or some reasoning and point it to known groups. Well, these hacks do target exchanges that are quite big and any amount that's taken on them should be taken care of the management and yes, I do hope it's not an inside job.

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.

There are hacks that probably happened and only the exchange itself knew it and didn't want to broadcast if they were not big in damage. But I agree that always choose the exchange that's reputable and never store all of the funds that you have. In the case of Indodax, it's a known exchange in Indonesia cmiiw.

[Strongkored]

I was quite late to find out about this news and it is very sad because indodax is my main exchange, feeling safe because I know the physical office. Not having many coins in this exchange just a little so the hacking news is not worrying although still shocked to read it.
I always thought that the hack was the work of an insider or could be a drama made to cover up their management's rottenness, so not what really happened

[joniboini]

I always thought that the hack was the work of an insider or could be a drama made to cover up their management's rottenness, so not what really happened

Are you saying they deliberately taint their reputation and then try to cover the users' loss out of their own pocket so they can get away with something else? What makes you think so? That's way too complicated to achieve something the public can't even verify. As for insider job, not surprising if that happens but at the end of the day they still lose money. They still fuck something up regardless of what happened. I don't think it's worth debating whether the hack is real or not because they need to serve their customers better.

[Strongkored]

I always thought that the hack was the work of an insider or could be a drama made to cover up their management's rottenness, so not what really happened

Are you saying they deliberately taint their reputation and then try to cover the users' loss out of their own pocket so they can get away with something else? What makes you think so? That's way too complicated to achieve something the public can't even verify. As for insider job, not surprising if that happens but at the end of the day they still lose money. They still fuck something up regardless of what happened. I don't think it's worth debating whether the hack is real or not because they need to serve their customers better.

I know that what I think is difficult to verify the truth, and it is also true that the exchange is a party that loses money, but we know that in the world of crypto something unexpected might happen and it is also difficult to fully trust the explanation they convey, but as far as they are responsible for returning all the hacked user funds should not be a problem anymore.
The part things is they recover all the users funds.