Indodax has suffered a security breach resulting in the loss of assets valued at US$22 million (around IDR 339.6 billion). In response to the incident, Indodax reassured its users that the company will fully compensate any losses.
Clarification from Indodax
William Sutanto, Indodax’s CTO, stated in an official announcement that the investigation is ongoing. However, he assured users they need not worry, as Indodax is committed to covering all losses.
“We are still investigating this case. Indodax users don’t need to worry, as Indodax will cover the losses from this hacking incident. Your assets are SAFU,” William announced.
Investigation Process
Blockchain security firm SlowMist revealed that the hack did not target Indodax’s hot wallet private key, but rather other systems like its signature engine. The hackers managed to withdraw whole amounts, such as 1 BTC or 3 BTC, directly from Indodax’s hot wallet to their own addresses. The remaining balance was transferred to multiple addresses to obscure the transaction trail.
The hackers also funneled funds through several different wallets to further hide the transaction traces. Indodax is now collaborating with crypto forensic experts to investigate the incident and find the best solution.
Meanwhile, Yosi Hammer, head of AI at Cyvers, suspects the involvement of the notorious North Korean crypto hacking group, Lazarus. He told BSCN, “The attack patterns and characteristics (on Indodax) are very similar to those of the North Korean Lazarus Group.”
Indodax has urged its users to remain calm and await official updates through its authorized communication channels. Users are also reminded to be cautious of fraudulent accounts offering refunds or asking for personal data.
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