Indonesia's Largest Crypto Exchange Indodax Suspends Deposits and Withdrawals Due to Cyberattacks

The largest cryptocurrency exchange in Indonesia, Indodax, has temporarily halted deposits and withdrawals. This move was in response to an increase in attempted cyberattacks, according to the exchange's co-founder and CEO, William Sutanto.

According to the head of Indodax, the team is assessing the situation and implementing protective measures. Deposits and withdrawals will resume only after the platform is assured of the infrastructure's security. The exchange did not specify any timelines. Sutanto emphasized three points: client assets are safe, no unauthorized withdrawals have been detected, and no data leaks have been recorded. The management apologized to users for the inconvenience and promised to provide updates through Indodax's official channels.

This is not the first security incident for the platform. In September 2024, hackers withdrew approximately $22 million from its hot wallets.

Indodax clients are temporarily unable to transfer funds to and from the exchange. If the exchange's version is confirmed, users will not lose anything and will simply wait for the restrictions to be lifted. Preventive freezing of operations during suspicious activity is considered standard practice: it is easier for the platform to halt operations for a few hours than to compensate for stolen funds later. It is advisable to follow the exchange's official channels and be cautious of any messages claiming to be from Indodax in messengers, as scammers often use such incidents for phishing.