Indodax Turns Out To Be Hacked By North Korea Hackers, What's The Fate Of Member Assets?

UNSPLASH/TRaxer ILLUSTRATION

The boss of the crypto exchange company Indodax revealed the cause of the service being inaccessible since September 11, after his security team found indications of illegal access and security incidents on Indodax servers that caused losses of up to hundreds of billions of rupiah.

They found a hack by hackers from the Democratic People's Republic of Korea (DPRK) aka North Korea.

"Based on an analysis of one of the world's leading crypto security agencies that help us at this time, it is indicated that this attack is affiliated with the DPRK (North Korea)," said Indodax CEO Oscar Darmawan as quoted by ANTARA, Saturday, September 14.

The affiliated hacker group from the DPRK, according to Oscar, previously quite a lot of other exchangeglobal crypto exchanges. They are said to target many cryptoexchanges with large and global liquidity.

Oscar said that his party is currently working with the Cyber Headquarters of the Criminal Investigation Unit of the National Police to handle this incident, they have also coordinated with the CoFTRA (Comodity Futures Trading Supervisory Agency) and the OJK (Financial Services Authority).

"We recognize that this is a serious global threat, therefore we have coordinated with the Cyber Headquarters of the Criminal Investigation Police to deal with this incident quickly and effectively," he said.

Even so, the Indodax and Investors still have to be patient to see the fate of their assets. Indodax management takes a few days to close the hack gap before reopening.

Indodax, a technology-based company in blockchain and crypto assets that trades Bitcoin and other cryptocurrencies, has not been accessible to investors on Saturday morning. Even so, Indodax ensures that memory assets remain safe.

The balance of crypto and rupiah assets on the Indodax account remains 100 percent safe. We have taken strict security measures to ensure that no member funds are affected by this attack. In addition, the entire balance and asset checking process has been completed, and everything is in a safe condition," Oscar added.

Oscar said the total crypto assets managed by Indodax currently amount to more than IDR 11.5 trillion, where the value of the crypto asset is greater than the total 100 percent of the balance of members' assets, so that the balance is ensured to be safe.

After maintenance is opened, the Indodax system will return to normal operations. The balance of memory assets, both in rupiah and crypto assets, will remain exactly the same as before. Will be able to return to trading, depositing or withdrawing crypto assets as usual. Indodax apologize profusely for this incident," he added.