Indonesian crypto exchange Indodax has reportedly experienced a security breach, resulting in the theft of over $20 million worth of cryptocurrency from its hot wallets.

Known previously as Bitcoin Indonesia, Indodax has allegedly faced an attack involving the withdrawal of tens of millions of dollars worth of crypto liquidity from its platform. Blockchain analytics firm SlowMist raised the alarm on Sept. 11, indicating that the hacker managed to steal approximately $22 million in various tokens from the exchange’s hot wallets.

Analysts at Cyvers, another blockchain forensic firm, have stated that the stolen tokens have already been swapped to Ethereum. On-chain data reveals that altcoins were also converted into TRON, Polygon, and Bitcoin.

Following these reports, Indodax issued a statement on its official page, confirming that its security team had identified a “potential security issue.” The exchange is currently undergoing comprehensive maintenance to ensure the system operates correctly. During this period, access to the platform has been temporarily suspended, but Indodax reassured users that their balances remain “100% safe” in both crypto and rupiah. Specific details regarding the hack have not yet been disclosed.

Founded in 2014 by Oscar Darmawan and William Sutanto, Indodax has grown to boast over 4.3 million registered and verified members. The exchange has received various certifications and permits from the Commodity Futures Exchange Supervisory Board and the Ministry of Communication and Information of the Republic of Indonesia.

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