Losing IDR 300 billion in an attack by hackers, Indodax Boss: only 3% of total crypto reserves

Jakarta –

The crypto trading platform, Indodax, has opened its voice regarding the losses it received around IDR 300 billion due to cyber attacks. The financial impact associated with this event is said to be only about 3% of INDODAX’s total crypto asset reserves.

“Although we suffered a loss of around IDR 300 billion due to the cyber attack, the financial impact was only around 3% of INDODAX’s total crypto asset portfolio,” INDODAX CEO Oscar Darmawan said in a written statement. Sunday (29/9). /2024).

With more than 6.8 million users, INDODAX claims to have crypto asset reserves worth IDR 11.5 trillion, including 4,806.34 Bitcoins worth IDR 4.288 trillion, 36,915.47 Ethereum worth IDR 1.334 trillion, as well as several other crypto assets worth around IDR 5.9 trillion.

After the hacking incident, INDODAX says that they succeeded in restoring the trust of users with a total transaction volume of more than IDR 2.3 trillion in the period 14-25 September 2024. This shows that the level of public trust in the INDODAX platform remains high afterwards. the event.

INDODAX’s commitment to transparency and openness is considered to be one of the key factors that will help restore consumer trust.

“Transparency is an important foundation in building and maintaining public trust. With the publication of Proof of Reserve, we assure users that they can monitor the security of their assets at any time. This is a strong proof of our duty to members,” said Oscar.

Oscar also said that over the past two years, INDODAX has been trying to invite other crypto exchanges to adopt similar measures.

“We have encouraged the Indonesian crypto industry to be more open and transparent. Although no one has followed suit so far, we believe that transparency will be an important factor in creating an ecosystem future safe and reliable crypto,” he explained.

Angga Andinata, crypto analyst and Crypto & Web 3 educator, also expressed his gratitude for the steps taken by INDODAX. “The Reserve Verification is implemented by INDODAX not only in the form of reports, but it is also integrated in real time, which allows the public to verify the reserved data directly. This step is an example that should be followed by other crypto exchanges in Indonesia,” he said.

At the same time, in the context of future regulations, Angga also pointed out that the Financial Services Authority (OJK) intends to monitor crypto assets more closely in Indonesia, where custodian companies will ‘ keep crypto asset stores.

“I hope that in the future, storage companies can openly disclose their reserves to maintain consumer trust,” Angga said.

With this step of transparency, INDODAX hopes to set new standards in the Indonesian and global crypto industry. “We hope that more exchanges will follow in our footsteps to create a safer, more transparent and more reliable crypto ecosystem,” concluded Oscar.

(help/that)