Indodax freezes deposits and withdrawals after spike in cyberattack attempts
- Indodax, Indonesia’s largest crypto exchange, suspended rupiah and crypto deposits and withdrawals on October 29, 2026.
- The pause came after the platform detected a surge in cyberattack attempts.
- It said customer assets are safe, with no breach found.
Indodax has paused processing customer deposits and withdrawals, according to CEO William Sutanto, as of this morning.
The service halt was initiated as a precaution after Indonesia’s largest crypto exchange noticed a spike in cyberattack attempts. The CEO quickly moved to calm the pressure, stressing that customer funds are safe.
What Indodax’s CEO told users
CEO Sutanto wrote on X in a post that translates as “Indodax is temporarily suspending deposits and withdrawals as a security measure because we have detected an increase in cyber attack attempts.” The CEO apologized for the inconvenience and promised that “Deposits and withdrawals will be reopened once safety is confirmed.”
According to reports, both rupiah and crypto transfers stopped being processed on Indodax around 05:24 UTC, which is 12:24 local time in Indonesia. However, traders still reported limited access to spot markets. Some also said they could still check their balances during the freeze.
In a follow-up post, Sutanto said Indodax was rechecking its systems as a preventive measure, to confirm its detection tools met strict security standards.
As of this report, Indodax has not committed to a date or time for when deposits and withdrawals will resume. It directed customers to look out for updates from its official channels.
Indodax suffered a hack in 2024
Indodax lost about $20 million from its hot wallet in September 2024, making this the exchange’s second security incident in two years. A hot wallet is an internet-connected storage that an exchange uses to process everyday withdrawals.
Former CEO Oscar Darmawan confirmed the loss at the time, blaming the breach on a malware-laced file that an IT staffer downloaded for a side gig they took on with their official laptop. Darmawan noted that the freelancing on the side on company device is against policy.
Today’s response mirrors some parts of the exchanges response to the 2024 breach. Then too, Indodax shut down withdrawals after detecting the intrusion around 4 a.m. Next, it completely shut off its system. Full recovery took roughly 80 hours and six cybersecurity firms, including Bappebti, OJK and the national police.
As Cryptopolitan reported at the time, Indodax said it covered the lost reserves in full.
This time around, Indodax has clarified that it paused transfers before any money left the exchange.
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FAQs
Why did Indodax suspend deposits and withdrawals?
CEO William Sutanto said on X that Indodax paused rupiah and crypto transfers as a precaution after detecting an increase in cyberattack attempts, and that the team was evaluating and mitigating the threat before resuming service.
Are customer funds safe during the freeze?
Indodax says all member assets remain intact and safe, with no unauthorized withdrawals and no data breach found, according to Sutanto's posts.
What happened in Indodax's 2024 security incident?
In September 2024, Indodax lost crypto from a hot wallet after an employee downloaded malware through a freelance side job on an office laptop; then-CEO Oscar Darmawan put the loss at about $20 million, and the platform took roughly 80 hours to recover.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
