Transaction Volume Exceeds Half Trillion, INDODAX Again Dominates Indonesian Post-Insident Crypto Market

INDODAX CEO, Oscar Darmawan. (Photo: Doc. INDODAX)

JAKARTA - The trading volume OF INDODAX has shown a positive figure since the maintenance process was completed (14-17 September 2024) and reached Rp547 billion. INDODAX is still trusted by members as the largest crypto transaction site in Indonesia based on data from CoinGecko.

After experiencing a security incident on September 11, 2024, suspected hackers from North Korea, INDODAX managed to recover in just about 80 hours, making INDODAX one of the crypto exchanges with the fastest recovery after a security incident in the crypto industry compared to a crypto exchange that had experienced a hack before.

INDODAX CEO Oscar Darmawan emphasized that security incidents experienced by INDODAX could occur with any exchange around the world.

"We have implemented comprehensive mitigation measures to ensure that our platform not only returns to its original state, but also safer than before. This incident actually ensures Indodax's security is further strengthened," Oscar explained, Thursday, September 19.

So far, after INDODAX has finished recovering, there are no signs of panic among users. INDODAX remains stable, both operationally and liquidity, showing strong trust from users.

The fact that trading volume remains consistent and even increases suggests that there is no massive withdrawal of funds. This steady condition reflects the members' confidence in the resilience of the INDODAX platform in the face of challenges.

As a form of commitment to members, INDODAX has also taken responsive customer support measures to the questions the members have. INDODAX has now fully recovered its operations with higher safety standards, ensuring a safe and comfortable trading experience for all users.

"We would like to express our deepest gratitude to all INDODAX members who have remained loyal and trusted us, even though we had experienced challenges. Your support is the main motivation for us to continue to work hard to ensure that this platform is stronger and safer," said Oscar.

In addition, post-incidents to ensure protection for the community which is a priority for INDODAX, until now INDODAX has coordinated with various parties such as CoFTRA, OJK, BSSN and Cyber Headquarters Bareskrim to ensure regulators continue to receive updates about this incident.

INDODAX also urges all users to remain vigilant and proactive in maintaining the security of their accounts, including by activating additional security features such as two-step verification (2FA), maintaining the confidentiality of personal information, and changing passwords regularly.

Oscar also realized how important transparency is in building trust.

"With our crypto asset reserves exceeding 100 percent of the total user balance, we want to ensure that all users can have full confidence that their funds are secure. We not only maintain asset security but are also committed to complete information disclosure," Oscar explained.

As part of INDODAX's commitment to transparency, INDODAX has published Proof of Reserve which amounts to 100 percent of total user balances. Currently, INDODAX's asset reserves include 4,806.34 Bitcoins worth IDR 4,288 trillion, 36,915.47 Ethereum worth IDR 1.334 trillion, and other crypto assets worth IDR 5.907 trillion, with a total of IDR 11.529 trillion.

This data confirms that INDODAX not only maintains the security of user assets, but is also committed to complete information disclosure.