Indonesian cryptocurrency exchange Indodax experienced a significant security breach, resulting in the loss of approximately $22 million in various cryptocurrencies.

The hack was first detected on September 11, when blockchain investigation firms alerted Indodax about unauthorized transactions affecting its hot wallets.

The breach compromised hot wallets, leading to the theft of Bitcoin, Ethereum, Tron, and other tokens from different blockchain networks.

Specifically, the stolen assets included over 5,204 ETH, valued at $12.37 million, along with 6.8 million POL tokens and 16.7 million Tron tokens.

Founded in 2014, Indodax serves the Indonesian crypto market and had a trading volume exceeding $11 million in the 24 hours prior to the attack.

This incident underscores the ongoing vulnerabilities faced by cryptocurrency exchanges, highlighting the need for enhanced security measures.

Despite the breach, Indodax reassured customers that their remaining crypto assets are safe and confirmed a temporary service shutdown for repairs.

Investigations revealed that the hackers exploited vulnerabilities in Indodax's withdrawal system to gain access to the funds.

Experts have suggested that the attack bears similarities to tactics used by North Korea's Lazarus Group, known for targeting crypto exchanges.

In light of the breach, Indodax has warned users about potential phishing scams, urging caution against fake refund requests.

As part of the response, Indodax has temporarily suspended its web and mobile applications to conduct a thorough investigation into the security breach.

Indodax reportedly holds sufficient reserves, estimated between $367 million and $409 million, which could potentially cover the losses incurred from this incident.