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Indonesia Detains Hacker Tied to Markets.com Crypto Theft After $398K Loss

Indonesian authorities have arrested a hacker, identified only as HS, for exploiting vulnerabilities in the Markets.com deposit system, resulting in a theft of $398,000 in cryptocurrency. HS reportedly used national ID data scraped from public websites to create four fake accounts and manipulated the platform's input system to generate fraudulent USDT balances. Police seized a cold wallet containing 266,801 USDT, along with other evidence including a shophouse in Bandung. The arrested individual, a computer accessories distributor and crypto trader since 2017, exploited the system due to poor backend validation. HS now faces charges under Indonesia's cybercrime and anti-money laundering laws, which could lead to up to 15 years in prison and fines of $900,000. Cybersecurity experts emphasize that basic secure coding practices are essential to prevent such exploits, highlighting a broader trend where attackers focus on flaws in Web2 systems rather than complex smart contract hacks.

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