Indodax Exchange Hacked! Millions Stolen in Polygon (MATIC) and Tron (TRX)

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.

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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?

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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