Hackers Hit Indonesian Crypto Exchange INDODAX, Steal $18 Million in Assets!

The largest cryptocurrency exchange in Indonesia has fallen victim to a hacker attack. As a result, PT Indodax Nasional Indonesia lost funds equivalent to 280.37 billion IDR. The Commodity Futures Trading Regulatory Agency (Bappebti) has summoned Indodax management for an investigation.

Indodax representatives stated that they are conducting an internal investigation to address the accusations and assess the situation. Indodax CEO Oscar Darmawan confirmed that the company had been hacked. He explained that the exchange's transaction system was likely compromised.

"For this reason, we are carrying out a thorough investigation and review of the current system. During this process, access to the Indodax web platform and app will be unavailable. However, there is no need to worry, as we guarantee that clients’ balances, both in cryptocurrency and rupiah, will remain secure," said Darmawan in a statement.

Bappebti head Kasan also commented: "Bappebti is coordinating with Indodax. We are already receiving clarifications from the company regarding the matter. Currently, Indodax is conducting a comprehensive system shutdown to ensure everything is functioning correctly. For this reason, Bappebti urges Indodax clients to stay calm and avoid panic," he added.

One of the exchange’s addresses held assets worth approximately 14.4 million USD, or 221.83 billion IDR, which were then exchanged for Ether and withdrawn to different addresses.

“Attention, hello @indodax, our system has detected several suspicious transactions involving your wallet across various networks. The suspicious address held 14.4 million USD and exchanged tokens for Ether,” wrote Cyvers Alerts on its Twitter account. However, Cyvers later revised the potential loss figure to 18.2 million USD, or approximately 280.37 billion IDR. This loss resulted from more than 150 transactions. "@indodax, please take action," Cyvers added.

The full extent of the losses incurred by the company has yet to be determined, as Indodax has not officially reported them.

Indodax, Indonesia's first crypto trading platform, was founded by Oscar Darmawan and William Sutanto in 2013, when it was still known as Bitcoin.co.id or Bitcoin Indonesia. As of April 2024, the number of Indodax users reached 6.7 million people, accounting for over a third of all crypto investors in Indonesia, with a total trading volume of 29 trillion IDR.

Sources: detik, jakartaglobe