Indonesian cryptocurrency exchange Indodax just reported a serious security breach, resulting in a loss of $20.5 million.
Multiple networks affected in the hack
The losses from the exploit were spread across several blockchains, including $1.4 million in Bitcoin and $5 million on the TRON and Polygon networks.
Other affected platforms included Optimism and Ethereum, which lost over $14 million total.
Indodax officially confirmed on X that its team had discovered a security vulnerability on the platform, but the company reassured users that their balances remain 100% safe both in crypto and rupiah.
Harap berhati-hati terhadap penipuan yang mengatasnamakan INDODAX!
Kami informasikan untuk berhati-hati terhadap ajakan refund dana INDODAX maupun permintaan data pribadi kamu. INDODAX akan berjalan normal kembali segera setelah maintenance selesai. Informasi terupdate tentang… pic.twitter.com/jAGWepmKtz
— indodax (@indodax) September 11, 2024
Indodax also announced that it’s conducting a complete maintenance to ensure the system operates correctly, which temporarily makes the INDODAX web platform and application inaccessible for the users.
In a separate message, the firm also cautioned users to be alert for phishing scams, warning against fake INDODAX refund invitations or requests for your personal data.
Possible North Korean connections
Yosi Hammer from Cyvers suggested that the attack might have been carried out by the Lazarus Group, an infamous hacking organization linked to North Korea.
He told that the attack displayed traits typical of advanced hacking groups, including quick asset transfers and access control violations, but Hammer also stated that it’s too early to definitively identify the attackers.
Veteran players on the field
Over the last seven years, North Korean hackers have reportedly stolen around $3 billion in cryptocurrency through 58 suspected cyberattacks.
This group has been involved in big scale hacks targeting various crypto entities, including centralized exchanges and bridge services. They have even gone as far as posting fake resumes on job boards to infiltrate crypto projects.
This level of theft has led some to label North Korea as the world’s most prolific cyber-thief., and market experts also pointed out that North Korea likely has been using cryptocurrencies as a means to evade international sanctions and finance its weapons programs.
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