Suspicious Transactions Worth $14M on Indonesia’s Exchange Indodax: Cyvers

Web3 Security firm Cyvers has alerted Indonesia’s crypto exchange Indodax about suspicious transactions worth $14 Million taking place.

Cyvers Alert posted on X, “Our system has detected multiple suspicious transactions involving your wallets on different networks. Suspicious address already holds 14.4 million USD and swapped the tokens to Ether.”

Cyvers added that the security firm has detected more than 150 transactions and a total loss of $18.2 million, and it asked Indodax to take action.

Indodax has not commented on the matter as of yet.

The country’s crypto user base has been steadily increasing from 9.9 million users in 2021, to 28.52 million in 2024, and Indodax, considered to be the largest crypto exchange in Indonesia, would be in a highly vulnerable situation, if these transactions are not verified by the exchange.

Indodax, had last posted about listing Islamic coins, SuperRare, among other cryptos. The centralized crypto exchange has recorded a 24 hour trading volume of $11,589,567( a trading volume of $415,518 in Ethereum alone) and boasts a trust score of 7/10.

Oscar Darmawan, CEO of Indodax, had recently requested the Indonesian government to review the tax rates imposed on crypto assets, arguing that the current tax structure is hindering the industry’s growth.

Also Read: Indonesia’s OJK releases amended regulations for crypto