The Commodity Futures Trading Supervisory Agency (CoFTRA) in Indonesia is currently conducting an internal investigation into the alleged hacking incident involving one of the country’s leading crypto exchanges, Indodax. Reports indicate that the exchange is currently undergoing maintenance as part of the investigation process.
According to Tirta Karma Senjaya, the Head of the CoFTRA Commodity Development and Development Bureau, discussions have been held with Indodax regarding the hacking incident. The investigation is being carried out jointly by internal teams from CoFTRA and Indodax. Despite the ongoing investigation, Indodax has reassured users that their funds, whether in crypto or Rupiah, are secure.
In a related development, Teguh Aprianto, a cyber observer and founder of Indonesian Ethical Hacker, has estimated that the hack may have resulted in losses of more than US$21.8 million in transactions, equivalent to around Rp335 billion. This incident has raised concerns within the Indonesian Fintech community, with Pandu Sjahrir, Chairman of the Indonesian Fintech Association (AFTECH), stating that they are closely monitoring the situation.
Pandu Sjahrir further mentioned that he has reported the alleged hacking incident to the Ministry of Communication and Information Technology. He highlighted the importance of ensuring the security of Indodax users and providing timely updates on the situation. The association is actively working to address any potential vulnerabilities and safeguard the interests of users.
This isn’t the first time that Indodax has faced security-related challenges. In September 2022, about 50,000 users’ credentials were reportedly leaked on the dark web, predominantly affecting Indonesian users. At that time, Indodax CEO Oscar Darmawan refuted the claims of a credential leak. He emphasized that the exchange has implemented robust security measures, including Multi Factor Authentication and layered security protocols.
“Regarding the news of a server attack and data breach, we can confirm that it is a hoax as our server remains secure,” stated Oscar Darmawan. Despite previous incidents, Indodax remains committed to enhancing its security infrastructure and ensuring the safety of user funds.
As the investigation into the recent hacking incident at Indodax continues, stakeholders are urged to remain vigilant and follow official updates from the exchange. The Indonesian authorities are closely monitoring the situation to address any potential security threats and protect the interests of crypto investors in the country.