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Per SlowMist, an attack targeted multiple cryptocurrencies, including Shiba Inu (SHIB), one of the most popular meme coin tokens.
Key Notes
New reports have emerged about the recent security incident that befell Indodax, Indonesia's largest cryptocurrency exchangeThe attack has now resulted in the loss of a whopping $22 million worth of digital assetsA total of 9 billion SHIB tokens were lost to the breach, but other prominent tokens such as Chainlink (LINK), Tron (TRX), Ethereum (ETH), and even Bitcoin (BTC), were also affected.New reports have emerged about the recent security incident that occurred Indodax, Indonesia’s largest cryptocurrency exchange. According to blockchain security firm SlowMist, the attack, which happened some hours ago, has now resulted in the loss of a whopping $22 million worth of digital assets.
As Coinspeaker earlier reported, citing PeckShield’s investigative report, the breach was initially thought to have brought about a $15.7 million loss. However, these new reports suggest that the attack may have inflicted even more damage than that.
Per SlowMist, the attack targeted multiple cryptocurrencies, even as the hacker made away with a variety of tokens. Those include Shiba Inu SHIB $0.0000 24h volatility: -1.6% Market cap: $7.79 B Vol. 24h: $211.16 M , one of the most popular meme coins. A total of 9 billion SHIB tokens were lost to the breach, but other prominent tokens such as Chainlink LINK $10.35 24h volatility: -1.6% Market cap: $6.29 B Vol. 24h: $274.29 M , Tron TRX $0.15 24h volatility: -0.2% Market cap: $13.21 B Vol. 24h: $412.25 M , Ethereum ETH $2 324 24h volatility: -1.2% Market cap: $279.36 B Vol. 24h: $13.13 B , and even Bitcoin BTC $56 728 24h volatility: -0.8% Market cap: $1.12 T Vol. 24h: $31.76 B , were also affected.
SHIB Tokens, Others Lost in Major Exploit, a Target on Meme Coins?
Indodax boasts more than 5 million active users and is one of Southeast Asia’s biggest exchanges. Therefore, the recent attack on its platform has been a major cause for concern for the global cryptocurrency community.
One of these concerns, however, is the fact that it appears that there is a bigger probability of these attacks affecting meme coins than they would other cryptocurrencies.
Recall the now infamous WarizX hack of July, where the attackers carted away $100 million worth of SHIB tokens. In addition, this latest theft of 9 billion SHIB tokens from the Indodax incident has now raised further alarms among investors. That is, considering the popularity of Shiba Inu as the second-largest meme cryptocurrency.
Meanwhile, experts have attempted to unravel the reason why meme tokens appear to be a soft target for hackers. According to them, the focus on SHIB and other meme tokens is due to their high liquidity and widespread trading on decentralized platforms, making them easy targets for bad actors.
However, that is not to say that Bitcoin, which also accounted for a significant portion of the stolen funds, does not remain a primary target in large-scale crypto thefts. Its high value ensures this, at least.
As of press time, Indodax has yet to issue a formal statement addressing the full extent of the breach or the total amount lost. The firm has also not said anything about recovering the lost amount or how it intends to get hold of the hacker.
However, Indodax insists that users need not worry as their funds remain safe and have communicated the same.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
