Indodax, the largest and oldest cryptocurrency exchange in Indonesia, has experienced a significant security breach, according to blockchain security firm SlowMist. With over 5 million users, the platform now become the target of a hacker who managed to steal $22 million worth of cryptocurrencies. Among the stolen assets were Shiba Inu (SHIB) tokens. The hacker managed to seize 9 billion SHIB tokens in the attack.
Several other prominent cryptocurrencies were also impacted. Chainlink (LINK), Tron (TRX), and Ethereum (ETH) were among the affected tokens, while Bitcoin (BTC), the most valuable cryptocurrency, accounted for a significant portion of the stolen funds.
According to Lookonchain, an analytics platform, the hacker has already converted most of the stolen assets into native tokens such as Bitcoin and Ethereum. As a result, the hacker no longer holds any SHIB tokens. The rapid conversion of these funds has made it more difficult to track the stolen assets and recover them.
Indodax Responds to the Security Breach
In response to the breach, Indodax co-founder William Sutanto reassured users that the exchange would be able to cover the losses incurred during the attack. The platform is investigating the incident and working to understand the full scope of the breach.
SlowMist, which analyzed the hacking incident, has ruled out the possibility of the exchange’s hot wallet being compromised. Instead, the firm suggests that the hacker may have exploited vulnerabilities in the withdrawal system. This line of inquiry is still being pursued as part of the ongoing investigation.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Previous Incidents and Comparisons
In 2018, a North Korean hacking group known as the Lazarus Group was linked to a breach at an Indonesian cryptocurrency exchange, resulting in $25 million in losses. Though the affected exchange was not officially named, many speculated it was Indodax.
In a related development, a notorious hacker responsible for stealing approximately 100 million SHIB tokens from the WarizX exchange recently resurfaced. According to data from Spot On Chain, this individual managed to launder more than $30 million worth of Ethereum in just eight days.
Ongoing Investigations and Security Concerns
Indodax’s security breach highlights the risks in the cryptocurrency sector, as exchanges and users remain vulnerable to increasingly sophisticated hacking attacks. While Indodax is working to ensure that affected users are compensated, the incident raises further questions about the security protocols in place at some of the world’s largest crypto platforms.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
The post Major Exchange Loses Billions of SHIB to Hackers appeared first on Times Tabloid.
