Indonesian crypto exchange Indodax allegedly hacked, but claims user funds are safe

Indonesian crypto exchange Indodax was allegedly hacked, as the company referenced a “potential security issue” on the platform.

Indonesian crypto exchange Indodax was allegedly hacked, as the company referenced a “potential security issue” on the platform but said that user balances were completely safe even as it paused trading activities.

“Currently, we are conducting a complete maintenance to ensure the entire system is operating properly. During this maintenance process, the INDODAX web platform and application are temporarily inaccessible. But don’t worry, we can assure you that your balance remains 100% safe both in crypto and rupiah,” said a translated version of Indodax’s statement on X, posted on Wednesday (September 11, 2024), as it promised more updates after an investigation.

Indodax’s website also appeared to be under maintenance.

However, blockchain security firm SlowMist has estimated that around $22 million could have been stolen. Though the exact point of failure is not yet clear, the stolen assets included Bitcoin, Ether, and meme coin Shiba Inu, per the security firm.

In July, the Indian crypto exchange WazirX suffered a cyberattack on a multi-signature wallet that led to the loss of more than $230 million. The company is currently pushing for restructuring through the Singapore legal system as users demand to be given access to their crypto funds once more.

However, WazirX said that its crypto holdings had been affected by the hack, so users are unlikely to see a full recovery of assets.

In countries that have not yet regulated blockchain-based assets or implemented investor protections, those who lose their assets to hackers, often linked to the North Korean regime, have little to no legal recourse.