Cryptocurrency exchange platform Indodax has reportedly suffered a significant hacking incident, resulting in losses of approximately $18.2 million (Rp 280.2 billion). The Commodity Futures Trading Regulatory Agency (Bappebti) has urged investors to remain calm and avoid panic.
The breach was first reported by Web3 security firm Cyvers Alerts, which disclosed that Indodax had experienced 150 suspicious transactions believed to be part of a hacking operation, with total losses reaching $18.2 million.
“We detected over 150 transactions with total losses of $18.2 million; Indodax is expected to respond swiftly,” Cyvers Alerts posted on social media platform X on Wednesday.
As of April 2024, approximately 6.7 million people—representing 33 percent of Indonesia’s 20.16 million cryptocurrency investors—utilize Indodax.
In response, Bappebti Head Kasan confirmed that they had received reports regarding a suspected breach in Indodax’s crypto asset transaction system. Indodax is registered as a Crypto Asset Physical Trader (CPFAK) under Bappebti’s oversight.
“Bappebti is currently coordinating with Indodax. We have also summoned Indodax representatives to provide clarity on the situation. Indodax is now investigating the suspected system breach,” Kasan stated in an official announcement on Thursday.
Kasan also mentioned that Indodax has initiated a system-wide shutdown to ensure the platform is functioning correctly.
“For this reason, Bappebti urges the public, particularly Indodax customers, to remain calm and avoid panic,” he added.
Indodax CEO Oscar Darmawan confirmed the suspected breach of their transaction system.
“Our transaction system has indeed been suspected of being compromised. We are conducting a comprehensive investigation and maintenance of the system. During this period, both the Indodax web platform and mobile application are unavailable. However, there is no cause for concern, as we guarantee the safety of customer balances, both in cryptocurrency and rupiah,” Oscar concluded.
