The most popular Indonesian exchange, Indodax, was hacked this morning, with SpotOnChain being one of the first to report this on Twitter.
According to SpotOnChain’s report, the Indonesian exchange Indodax fell victim to a significant security breach approximately 9 hours ago, resulting in a staggering loss of $20 million. The hacker has already swapped most of the stolen assets to native cryptocurrencies, currently holding:
- 5,584 ETH ($13M) on Ethereum and Optimism
- 6.84M POL, also known as MATIC ($2.56M) on Polygon
- 16.7M TRX ($2.55M) on Tron
- 25 BTC ($1.41M)
This incident highlights the potential vulnerabilities of centralized exchanges like Indodax. Unlike decentralized exchanges (DEXes), which operate on blockchain technology and don’t hold user funds, centralized exchanges store user assets in their own wallets. This centralization can make them attractive targets for hackers.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Centralized exchanges do often offer more user-friendly interfaces and higher liquidity, but they may be less secure than their decentralized counterparts. DEXes, by nature of their architecture, distribute risk and reduce the impact of single-point failures.
Read also: Why Is Internet Computer (ICP) Price Pumping?
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming
