Billions of SHIB Tokens Stolen from Major Exchange

According to blockchain security firm SlowMist, Indodax, the oldest and largest Indonesian exchange with more than 5 million users, has suffered a security breach.

The hacker behind the attack stole a total of $22 million worth of crypto. 

Notably, Shiba Inu (SHIB), the second-biggest meme cryptocurrency, was among the affected cryptocurrencies. The bad actor stole a total of 9 billion SHIB tokens.

Related

Sun, 06/23/2024 - 11:56

User Loses $11 Million to Crypto Phishing Scam

Alex Dovbnya

Chainlink (INK), Tron (TRX), and Ethereum (ETH) are among the other affected tokens. 

Bitcoin (BTC), the largest cryptocurrency, also accounts for a substantial portion of the stolen funds. 

According to analytics platform Lookonchain, the hacker has already converted most of the stolen crypto into several native tokens like Bitcoin and Ethereum. This means that the hacker no longer holds any SHIB tokens. 

William Sutanto, the co-founder of Indodax, stated that the exchange would be able to cover all the losses stemming from the hacking case. The trading platform is currently in the process of investigating the incident. 

After analyzing the hacking incident, SlowMist has ruled out the possibility of the hot wallet being compromised. According to the firm, it is possible that the withdrawal system has now been hacked. 

This is likely not the first time that Indodax has suffered a security breach. Back in 2018, an unnamed Indonesian crypto exchange was hacked by North Korea’s Lazarus Group, losing $25 million. This exchange was rumored to be Indodax. 

In other news, the WarizX hacker, who famously stole roughly $100 million SHIB tokens, recently reemerged, laundering more than $30 million worth of ETH in just eight days, according to data provided by analytics platform Spot on Chain.