Indodax Hack

The Indodax Hack was a hot wallet compromise that led to the loss of $22 million in various cryptocurrencies, including $14 million in Ether, $1.4 million in Bitcoin, $2.4 million in Tron, and $2.5 million in Polygon.

The breach originated from a vulnerability in Indodax’s withdrawal system, enabling unauthorized transactions. While withdrawals were halted and funds transferred to secure locations, no stolen funds were recovered.

The hack raised concerns about centralized exchange security but did not significantly impact the market. Security firms PeckShield, Cyvers, and SlowMist investigated the attack, identifying suspicious transactions and system flaws. Indodax assured users their balances remained safe and reinforced the need for stronger security protocols and system audits in crypto exchanges.