Indodax, the largest cryptocurrency exchange in Indonesia, has temporarily suspended deposits and withdrawals on its platform after detecting a surge in attempted cyberattacks. CEO William Sutanto announced the measure early this morning, emphasizing that the move is precautionary and that customer assets remain secure.
Cyberattack concerns prompt immediate response
The suspension affects all transactions involving both Indonesian rupiah and cryptocurrencies. According to Sutanto, Indodax initiated the halt after internal security systems noticed heightened attack activity. Out of an abundance of caution, the exchange paused all deposit and withdrawal processing to prevent any potential breach.
Sutanto addressed the user base via X, stating that services are “temporarily suspended as a security measure because we have detected an increase in cyber attack attempts.” He expressed regret for the disruption and pledged that “deposits and withdrawals will be reopened once safety is confirmed.”
Services on Indodax have been paused as a security precaution following a rise in attempted attacks, but customer funds remain secure and operations will resume once all checks are complete.
Users reported that while fund transfers stopped around 05:24 UTC (12:24 local time in Indonesia), access to spot trading remained partially available. Many were still able to view account balances during the downtime.
In a second message, Sutanto noted that Indodax staff were rechecking internal systems to ensure the exchange’s detection tools comply with strict security guidelines. He urged customers to monitor official channels for updates, as no timeline for resuming deposits and withdrawals has been set.
Founded in 2014, Indodax has established itself as a key digital asset trading platform in Indonesia, serving millions of users and facilitating a broad range of assets, including Bitcoin, Ethereum, and other popular cryptocurrencies.
Mini dictionary: Indodax, established in Jakarta in 2014, is Indonesia’s largest and most prominent digital asset exchange, offering crypto trading services to both retail and institutional clients in Southeast Asia’s biggest economy.
Security history and previous incidents
This latest development recalls Indodax’s security procedures following prior incidents. In September 2024, the exchange experienced a major breach, with hackers stealing $20 million from its hot wallet. The incident traced back to malware introduced via a file downloaded by an IT staff member working on a freelance project using a company device, against company policy. At that time, then-CEO Oscar Darmawan revealed that after discovering the intrusion, the team immediately disabled system access and halted all withdrawals.
Full operations were restored after approximately 80 hours, assisted by cybersecurity experts and oversight bodies including Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), the Financial Services Authority (OJK), and the national police.
Mini dictionary: Hot wallet, a cryptocurrency wallet connected to the internet, stores digital assets for daily transactions. While convenient for trading and withdrawals, it is more vulnerable to breaches compared to offline “cold wallets.”
Following the 2024 incident, Indodax covered customer losses in full and reviewed internal protocols. On this occasion, the company clarified that transfers were suspended before any assets could be withdrawn by attackers.
| Date | Incident | Customer Impact | Operational Downtime |
|---|---|---|---|
| September 2024 | $20 million hack (hot wallet breach) | Losses fully compensated | ~80 hours |
| June 2026 | Suspicious attack attempts (preventive pause) | No losses, funds secure | Ongoing |
Indodax continues to monitor its infrastructure closely and has promised prompt communication if any further developments arise. Users are advised to follow official updates for information on service restoration.
