• Indodax lost $22M in a hack, raising concerns about rising cyberattacks targeting cryptocurrency exchanges globally.

  • Cyvers links the Indodax hack to North Korea’s Lazarus Group, mirroring the WazirX breach of $235M.

  • Indodax assures users their funds are safe, suspends services temporarily for maintenance following the attack

Indodax, an Indonesian crypto exchange, recently faced a major hack resulting in losses of $22 million across various cryptocurrencies. On Sept. 11, blockchain investigation firms including PeckShield, Cyvers, and SlowMist raised alarms about suspicious transactions involving Indodax’s hot wallets. These investigations revealed that the attacker siphoned off significant amounts of Bitcoin, Tron, Ether, and other tokens.

Suspected Lazarus Group Involvement

Besides this, Cyvers reported the hacker made over 150 suspicious transactions, converting stolen funds into Ether. These conversions are often followed by the use of crypto-mixing services like Tornado Cash to obscure the hacker’s trail. Consequently, Indodax suspended its mobile and web applications to carry out a thorough investigation.

https://twitter.com/CyversAlerts/status/1833629057256239175

Moreover, Cyvers’ AI head Yosi Hammer suggested that the hack resembled techniques often used by North Korea’s Lazarus Group. Furthermore, this attack mirrors the WazirX hack, where $235 million was stolen, also linked to the same group. According to SlowMist, the breach likely occurred through vulnerabilities in Indodax’s withdrawal system.

Growing Threat of Cybercrime in Crypto

However, Indodax reassured users their funds remain safe during this downtime, even as the platform remains inaccessible. The exchange emphasized its ongoing maintenance efforts to secure the system and restore operations soon. In addition, Indodax's announcement of a giveaway of 3 million Rupiah ($195) to customers during the downtime has garnered attention.

Besides the current situation at Indodax, concerns about increasing cyberattacks on crypto exchanges continue to grow. In particular, the decentralized finance (DeFi) sector has seen an alarming rise in exploits, raising questions about security protocols.

https://twitter.com/indodax/status/1833763291040219523

Furthermore, the crypto industry’s need for collaboration to fight cybercrime is critical. Tether, TRON, and TRM Labs have launched the T3 financial crime unit to combat crypto crimes. Significantly, these efforts aim to address increasing security threats, especially in decentralized spaces like DeFi.

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