Back to blog

Hackers Breach Indonesian Cryptocurrency Exchange INDODAX

Hackers Breach Indonesian Cryptocurrency Exchange INDODAX, Steal $18 Million

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

Indodax representatives stated that they are conducting an investigation to clarify the accusations and understand the situation fully. Indodax CEO Oscar Darmawan confirmed that his company had indeed been breached. He explained that the exchange's transaction system was likely compromised.

“For this reason, we are carrying out a thorough investigation and reviewing the current system. During this process, access to the Indodax web platform and app is unavailable. However, there is no need to worry, as we guarantee that our clients' balances, both in cryptocurrency and rupiah, are secure,” Darmawan said in a statement.

Bappebti chairman Kasan also reported, “Bappebti is coordinating with Indodax. We are already receiving explanations from the company regarding this matter. Currently, Indodax is investigating the system that was presumably hacked.”

Kasan added that Indodax is performing a full system shutdown to ensure everything is functioning correctly. “For this reason, Bappebti urges Indodax clients to remain calm and not panic,” he stated.

One of the exchange's addresses held assets worth around $14.4 million or IDR 221.83 billion, which were then exchanged for Ether cryptocurrency and transferred to various addresses.

"Attention, hello @indodax, our system has detected several suspicious transactions involving your wallet across different networks. A suspicious address held $14.4 million and swapped tokens for Ether," the Cyvers Alerts company posted on Twitter. However, Cyvers later updated the potential loss figure to $18.2 million or approximately IDR 280.37 billion, resulting from over 150 transactions. "@indodax, please take action," Cyvers added.

The full extent of the losses the company has suffered is still unknown, as Indodax has not yet disclosed the total amount.

Indodax, the first cryptocurrency trading platform in Indonesia, was founded by Oscar Darmawan and William Sutanto in 2013, initially named Bitcoin.co.id or Bitcoin Indonesia. As of April 2024, the platform had 6.7 million users, representing over a third of all crypto investors in Indonesia, with a total trading volume reaching IDR 29 trillion.

You may also like
15/11/2024The Bali Provincial Tax Agency has introduced a vehicle tax relief program.

The Bali Provincial Tax Agency has introduced a vehicle tax relief program. This program waives penalties on vehicle taxes and fees for transferring vehicle ownership. It started on November 1 and will run until December 20, 2024. This initiative is

29/10/2024Closing a Loss-Making Company While Managing Employee Debt and Legal Risks

In a real-world scenario familiar to many struggling businesses, a company operated at a loss for two years before its owners decided to close its doors. However, the process was not as straightforward as filing for bankruptcy or simply shutting

25/10/2024Securing Investments Through Proper Legal Documentation: The Role of a Declaration Letter

Prior to the official launch of the company, Mr. Smith made substantial investments in Mr. Johnson’s business. These investments, representing a significant sum, were made through both Mr. Smith’s personal and corporate accounts. The funds were

24/10/2024Protecting Your Legal Rights: The Critical Impact of Contract Clauses

A new client approached us to review a villa construction contract, seeking to ensure there were no hidden risks and that their rights were fully protected. During our comprehensive review, we identified a crucial clause that could have significantly

23/10/2024Safeguarding Your Business: Understanding the Risks of Granting General Powers of Attorney

In Bali, business owners often delegate authority to manage their operations or assets through notarized general powers of attorney. Many clients who seek our advice reach out with concerns about the potential risks associated with these documents,

22/10/2024Better Safe Than Sorry: Protect Your Business from Hidden Contract Risks

Consider the Scenario: You’re about to finalize a deal with a trusted partner—be it a business associate, contractor, or even a close friend. Everything looks perfect: both sides are committed to mutual success, and it feels like you can simply sign

18/10/2024Before You Agree: Critical Clauses to Check in User Agreements

User agreements are often filled with legal language that's hard to interpret at first glance. However, these documents contain important details that can affect your security, privacy, and rights. Here are some crucial points you should pay close

17/10/2024The Visa Requirement Parents Often Miss: Does Your Child Need a Visa for Indonesia?

One of our clients recently contacted us to extend his wife’s visa, which had expired 10 days earlier. After submitting her passport and the extension request, we inquired about her boarding pass. At this point, the client asked, “Do I need to

30/09/2024October 4th is a public holiday in Bali

Dear Customers! Please note that October 4th is a public holiday in Bali. Immigration offices and government institutions will be closed on this day. Our office and couriers will continue to operate as usual. We kindly ask you to take care of any

27/09/2024When and Why You Should Close a Company in Indonesia

In the past, many foreigners established businesses in Indonesia primarily to obtain an investor KITAS—a visa that allowed long-term residency in Bali and easy travel in and out of the country. However, Indonesia has recently introduced new visa

27/09/2024Goods Destroyed During Transportation: How to Secure Compensation

One of our clients faced a significant challenge when a valuable shipment was destroyed due to the negligence of a transport company. This unfortunate event led to substantial financial losses and severely impacted trust in their logistics partner.

19/09/2024Holidays in Bali from the 24th to the 26th of September

Dear Clients! Please be informed that there will be public holidays in Bali from the 24th to the 26th of September. Immigration offices, government institutions, and banks will be closed during these days. Our office schedule On the 24th and 26th of

12/09/2024Children 6 years and older can now use the automatic gates at the airport

Now children from 6 years old and older can pass through the auto gates at the airport Previously, the passage was only available to persons over the age of 14. Autogates ensure a quick passage through border control upon arrival in Bali without the

12/09/2024September 16 is a public holiday in Indonesia

Dear clients! Please be informed that September 16, 2024, will be a public holiday in Indonesia Immigration offices, government institutions, and banks will be closed on this day. ⚠️Our office and couriers will also not be working. Online support

Contact us:
PT LEGAL INDONESIA SERVICE, Jl. Sunset Road No 900A, Kuta, Bali