Indodex exchange got hacked.

[rachael9385]

Good day my pipo.
I see the content of this thread from Oshosondy post, so I just decide to share am with my country pipo, just to remind us say e no dey good to keep Bitcoin (crypto) for in side exchange. Whether nah website or app, as long as say nah exchange e no dey good.

I just won give us small information about the recent hack on indodax exchange

Another's alarm just come up say hackers done hack INDODEX exchange today. And this indodex exchange nah very popular exchange way most pipo sef dey use normally.

Below nah news from the hacked exchange.

Indodax a leading crypto exchange in Indonesia has lost $22 million in a recent hack with the hackers making away with crypto assets from the hot wallets on the platform.

My main purpose to create this thread nah because some of us fit still dey keep Bitcoin (crypto) for exchanges and e dey bad because if anything happens all your assets done loss. And to let us know say the main purpose of exchanges nah to use am do the following things wey I mention below 👇🏼.

• Buy Bitcoin
• Sell Bitcoin
• Swap coins
• Receive Bitcoin
• Send Bitcoin
• (Most importantly) Trade crypto.

So this nah the total amount wey hackers collect from the indodex exchange.

[Charles-Tim]

What I have known about people is that many of them will not listen. Or probably many of them are ignorant and not know the differences between private keys and custodial wallets.

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

[Ever-young]

Another reason and important time to be reminded, not your key not your coin.

This one nah hack of about $21 million for crypto if the exchange big reach the way them they praise them to big reach that one nah small money for them to cover up in small time but still they pity the exchange, and people way they use am, currently now the exchange and some of their social medial account they offline now maybe them they undergo maintenance, make we they wait for the report of how many customers way their funds they affected for this hack.

[Nwada001]

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

The same question was just ringing through my head because I'm also a day trader, but the only thing that I could think of right now is that day traders can reduce the risk by minimising the amount they leave in the exchange on a daily basis since there will also be open trade waiting for the right order to hit in order for it to execute.
 
Day traders can't completely avoid leaving some money on their exchange account even if they can buy tokens and move out to their private wallet. How about those that trade on derivatives? 

[Cryptoprincess101]

Any body wey dey keep their assets for exchange go just carry am for mind say na very big risk be dat because any assets wey dey for centralized exchanges get the possibility of being hacked or crash down and when such tin happens na people wey keep their assets there naim go fall victim. On a norm, exchanges just dey good to use if you wan convert your asset to Fiat immediately no be wetin to even waste time at all. In the past we don hear different stories of how popular exchanges crash and many people cry well well because of their assets wey dem lose so make we just take wetin happen to other people take learn and on no account should you trust any centralized exchange no matter the level of security wey dem guarantee your assets. I know say the reasons wey make many people dey keep their assets for exchange na for quick transactions and to reduce transactions fees but e good say you pay higher transactions fees than to lose your asset all in the name say you want something wey go dey more easier for you to use. Make we dey try use self custody wallets like electrum, trust wallets, blue wallets and other trusted decentralized wallets dem take store our assets. At least the possibility of hacking those wallets dey very small.

[Charles-Tim]

The same question was just ringing through my head because I'm also a day trader, but the only thing that I could think of right now is that day traders can reduce the risk by minimising the amount they leave in the exchange on a daily basis since there will also be open trade waiting for the right order to hit in order for it to execute.

I also think that spot day traders can make use of alarm. But this is not convenient like having the coins on the exchange. To be moving the coins from exchange and wallet, stable coins like USDT and USDC have low fee. It is even zero fee on a network on some exchanges. Also very low fee on some network like Optimism. Making use of lightning network for BTC if the amount is not huge.

Day traders can't completely avoid leaving some money on their exchange account even if they can buy tokens and move out to their private wallet. How about those that trade on derivatives?

If not using high leverage, you may decide not to leave all the coins on an exchange. You want to trade with $100 with 1x leverage, you can go for $20 with 5x leverage for bitcoin, not altcoins that are very volatile. But I think you can go for 2.5x for some altcoins. So deposit $20 for bitcoin. $40 for altcoins. But these are for people that do not want to make use of high leverage.

[Richbased]

What I have known about people is that many of them will not listen. Or probably many of them are ignorant and not know the differences between private keys and custodial wallets.

Exactly, more especially those crypto traders na dem dey leave their cryptos for exchanges pass wey be say na dem supposed dey conscious of their funds pass other people because through all this trading e dey possible to dey easy to scam people because dem go dey feel say wetin be the need of withdrawing their cryptos from exchanges to private wallets. Cryptocurrency dem sef dey too risky on dia own den you come still go keep dem for where e go dey easy to hack

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

There's absolutely no better approach for dem as regards to cases like this because almost all the crypto traders dey leave their coins for exchanges so they go still dey keep on keeping it there since dem find am more easy and convenient enough for dem dan to put their coins for private wallets. Anyways ear wey go hear dem no dey kill cow or goat for am so I believe say as dis kind tin happen like this other people go learn from am.

[Agbamoni]

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

Use Tier One exchange and not any exchange we just see. I know it is difficult to know which exchange will be next or have a loophole but we can rely on two exchanges for now which is Binance and Kucoin. Since there is no remedy for trader not to use CEX every time they can reduce the risk by using exchanges that have strong security.

[EL MOHA]

What I have known about people is that many of them will not listen. Or probably many of them are ignorant and not know the differences between private keys and custodial wallets.

Although some users are naive and ignorant about the exchange of a thing most especially centralized ones because it is them that normally use to make people believe that there funds are safe on the exchange, which tricks newbies or ignorant people to leave off funds there. But I will say majority will just not listen to the warning because using exchange comes with ease for them during period of transactions than moving from wallets through and fro.

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

Yes self custodial are usually a thing of concern for traders. You need to leave off your funds on exchanges for open trades and can’t repeatedly move your money all the time or day after trading. So the idea is surely to leave am amount you can afford to lose and then simply split the amount for trading into two or more exchanges as I believe no two exchanges can have same issue of compromise same day, you can simply trade different pairs on each exchange

[Nwada001]

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

Use Tier One exchange and not any exchange we just see. I know it is difficult to know which exchange will be next or have a loophole but we can rely on two exchanges for now which is Binance and Kucoin. Since there is no remedy for trader not to use CEX every time they can reduce the risk by using exchanges that have strong security.

No exchange is above hacking my brother, because they don’t have any recent case of hack does not mean that they can’t be hacked, being Tier 1 doesn’t guarantee the safety of your assets, the best way is if you can still avoid leaving a penny in any of those exchanges you should do it, but if you can’t because if the type of trade you are involve in proceed with minimum amount to reduce the risk.

In 2020 September Kucoin experience a significant hack that cost them lost of over $281 million dollars which is far more above what this hackers took from Indodex

[Charles-Tim]

Use Tier One exchange and not any exchange we just see. I know it is difficult to know which exchange will be next or have a loophole but we can rely on two exchanges for now which is Binance and Kucoin. Since there is no remedy for trader not to use CEX every time they can reduce the risk by using exchanges that have strong security.

Binance has been hacked before. Also many of the well known exchanges have been hacked before. HTX got hacked last but withdrawal continued some days after the hack. Everything can just be unpredictable but I think exchanges like Binance and Bitget that has SAFU or the rubbish they called it can still be used while exchanges like Bybit and OKX are not bad also. But it is better for traders to find all ways not to leave money on the exchanges or reduce the amount to be on the exchange. I think I like the approach that I posted above on my second post.

I do not like Kucoin for one thing which is high withdrawal fee. The lightning network fee for bitcoin on the exchange is higher than the present bitcoin onchain fee. The exchange was good for trading when I used it but their high withdrawal fee is discouraging.

No exchange is above hacking my brother, because they don’t have any recent case of hack does not mean that they can’t be hacked, being Tier 1 doesn’t guarantee the safety of your assets, the best way is if you can still avoid leaving a penny in any of those exchanges you should do it, but if you can’t because if the type of trade you are involve in proceed with minimum amount to reduce the risk.

I completely agree with this.

[nelson4lov]

What I have known about people is that many of them will not listen. Or probably many of them are ignorant and not know the differences between private keys and custodial wallets.

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

Best approach I have seen and know is to put any funds not being actively traded in a cold storage. If the positions are spot positions, you fit keep them for cold storage but if it has to do with derivatives (futures, options, etc), then you have to take the additional risks of the possibility for the opportunity to get hacked. What happened to FTX is a good reminder and also a food lesson to learn from.

Optionally, they fit prioritize using DEX and decentralized perps too.

[Nheer]

Use Tier One exchange and not any exchange we just see. I know it is difficult to know which exchange will be next or have a loophole but we can rely on two exchanges for now which is Binance and Kucoin. Since there is no remedy for trader not to use CEX every time they can reduce the risk by using exchanges that have strong security.

No exchange is above hacking my brother, because they don’t have any recent case of hack does not mean that they can’t be hacked, being Tier 1 doesn’t guarantee the safety of your assets,

You are right no exchange is above hacking, being a reputable Exchange doesn’t mean it is free from hack attacks in fact these big exchanges experience greater loss when hacked so i also don’t think our assets are 100% safe on any exchange, Binance and Kucoin have been compromised before and so it is not impossible to happen again. We don’t pray for such but the best thing is to avoid keeping your assets in exchanges or only leave minimal amounts to carry out your trades and withdraw your profits to a non custodial wallet for safety.

Those who haven’t experienced hack or lost their assets when an exchange is hacked will still probably take the risk and store their assets on the exchange i pray make dem no experience am sha. I believe alot of people will learn from this story and stop keeping their assets in exchanges.

[Odogwu-Blockchain]

Any hack that happens in a company wallet is done via a communication with the sales manager or representative or an admin in that company. Hackers has a way to communicate with the sales person in order to manipulate by entering into their wallet to steal away any assets they could find.

Don't be surprised that these hackers are also the ones working with this exchange to lick out information on how the hack could be done, that's why it's best to employ decent, honest and experience sales personnel.

[Agbe]

I never hear this exchange before and dis one na do first time. And it has been saying time without number say make nobody keep coins for centralised exchange because anything can happen. Dem fit suspend your account or block it like what happened to the Indodex exchange hack can happen to anyone. Exchange is to sell and buy and not to keep it in the exchange. To hacked an exchange can't just happened but there must be a leakage from insiders. Keep your coins away from exchange and custodial wallets but non custodial wallet is much more safe.

[Miles2006]

Exchange wey no get head na person go put coin store then e don finish na, the point be say good exchange or not even if person no store their coin for exchange make we no Dey use anyhow things when it comes to crypto. I believe more in trust so seeing a large population going for that exchange it’s still good we make research and avoid Wahala, upon the way people Dey talk about exchange and scam why e be say people still Dey fall. Well nobody Dey see fire enter na the same way e be for crypto maybe some get high expectations unknowingly, if only people go fit stop to store coin for exchange this pattern of scam go stop.

[Fiasem20]

The most common hack in the crypto ecosystem is exchange hack,no matter how often exchanges are hacked most folks still manage their funds in exchanges.Many people love learning the hard way all because they feel learning the hard way will be counted as an experience whereas experience is not the best teacher but knowledge is.When you acquire knowledge and act upon it,you won't be vulnerable by such incident like exchange hack.

Relying on an exchange to manage your funds is just like relying on a third party like traditional banks to have full control over your funds.There is a popular statement that's used in the crypto space not your keys not your coins, this statement best suit the definition of an exchange because a custodial platform wouldn't allow it users to have full control of their private keys.

Indodex exchange has been hacked and many folks have learnt from the hard way,indodex exchange isn't the first exchange to be hacked and also it won't be the last,it's right time people learn from their mistakes and the mistakes of others and make the right move.

[CryptoHeadlineNews]

Any hack that happens in a company wallet is done via a communication with the sales manager or representative or an admin in that company. Hackers has a way to communicate with the sales person in order to manipulate by entering into their wallet to steal away any assets they could find.

Don't be surprised that these hackers are also the ones working with this exchange to lick out information on how the hack could be done, that's why it's best to employ decent, honest and experience sales personnel.

You have got a solid point on what you just said above, because taking an example from FTX, an exchange which was hacked in November 2022 of over $400million and we were later told it's suspect was allegedly to be one of the exchange top sales representative who gave hackers access through a Sim Swap. Hence, in this recent hack of Indodex, I don't doubt any bit if we finally discover that an insider is suspected to be allegedly connected to this hack of over $22million. So I just heard they have started an investigation on what lead to the hack, and I just wish they come up with a reasonable solution. However, this should be a lesson to many to always keep their funds in Non custodian wallets where they have full control over their Bitcoin.

[Josefjix]

Any hack that happens in a company wallet is done via a communication with the sales manager or representative or an admin in that company. Hackers has a way to communicate with the sales person in order to manipulate by entering into their wallet to steal away any assets they could find.

Don't be surprised that these hackers are also the ones working with this exchange to lick out information on how the hack could be done, that's why it's best to employ decent, honest and experience sales personnel.

9 out of 10 exchange hacks are inside jobs perpetrated by a few greedy people or the Exchange itself in an attempt to steal customer funds. We all know how the FTX CEO stole millions of dollars from customers while claiming they were hacked.

Individuals that hold big amounts of money are also part of the problem; if exchanges were used for trade rather than wallets, they would not see anything to steal in the first place.

[Barikui1]

What I have known about people is that many of them will not listen. Or probably many of them are ignorant and not know the differences between private keys and custodial wallets.

What do you think would be a better approach for crypto traders that are actively trading cryptocurrencies daily?

Oga Charles, wetin you talk here no be lie, you dy very correct, most people just dy stubborn even when them know say na very risky thing to leave their money in an exchange, because na most of all this things we dy guard against, because once anything happen to the exchange ur money dy, ur asset don go, just like this one here and the case of FTX, but one major problem is that, not everyone are informed, some people are just ignorant, them no get access to the right knowledge or information as we dy get in this forum or outside here, so sometimes I no too blame the ignorant ones, just that in this crypto space, you will only get what you deserve, and if you are ignorant, you go pay for ur ignorant.

Then as for the case of traders, wetin I go advice traders to do, just as I dy do is that,  trying not to fund your exchange account more than 50dollar, because wetin I dy mostly do is that once I grow that money to 100dollar, I dy pull out 50dollars, then the remaining 50, I leave am their for trading purpose, because as a trader, you must get small money for ur exchange account, Incase you come across any trading opportunity.