Indonesian Crypto Exchange Indodax Suffers $22M Hack

Indonesian cryptocurrency exchange Indodax has gone offline after suffering a major hack.

First reported by Cyvers Alerts, Indodax reportedly experienced 150 suspicious transactions as part of a hacking operation, losses totalling around $22 million.

Onchain data shows that $14 million worth of Ethereum, $2.4 million in Tron’s TRX, $1.4 million of Bitcoin and $2.5 million in Polygon’s MATIC were stolen in the attack. Indodax's wallet continues to hold over $400 million worth of tokens.

In response, the exchange said it would be pausing its platform operations due to "maintenance" activities. Nonetheless, Indodax's account continues to be promoting a “giveaway” of Indonesian rupiah.

Indodax CEO Oscar Darmawan confirmed the suspected breach. “Our transaction system has indeed been suspected of a breach. We are conducting a comprehensive investigation and maintenance of the system. During this process, the Indodax web platform and application are not accessible. However, there is no need to worry, as we ensure that customer balances, both in crypto and rupiah, are secure,” Darmawan said.

Bappebti Head, Dr Ir Kasan, said that they had received reports about a breach on Indodax, which is registered as a Crypto Asset Physical Trader (CPFAK) under Bappebti.

“Bappebti is coordinating with Indodax. We have also summoned Indodax representatives to clarify the case. Currently, Indodax is investigating the suspected breach of their system,” Kasan said in an official statement.

Kasan revealed that Indodax is undergoing a complete system shutdown to verify the proper functioning of all systems.

“For this reason, Bappebti urges the public, especially Indodax customers, to stay calm and not panic,” he added.

Earlier this week, Tokocrypto, a leading Indonesian cryptocurrency exchange and a subsidiary of Binance, announced that it secured a Physical Crypto Asset Trader (PFAK) license from Bappebti.

Binance-Owned Tokocrypto Secures Crypto Trading License in Indonesia

This license grants Tokocrypto the authority to operate as a fully regulated crypto-asset trading platform within Indonesia.

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Tokocrypto is the third exchange to receive PFAK license in Indonesia, which has 35 prospective crypto exchanges registered with Bappebti.

“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region,” Richard Teng, CEO of Binance, said about the achievement.