In a shocking turn of events, the popular cryptocurrency exchange Indodax has reportedly fallen victim to a major hacking incident, with losses soaring to approximately $18.2 million (Rp 280.2 billion). As the news ripples through the crypto community, Bappebti, Indonesia’s Commodity Futures Trading Regulatory Agency, is advising investors to stay composed and avoid panic.

The breach first came to light through Cyvers Alerts, a well-known Web3 security firm, which reported suspicious activity involving over 150 transactions linked to the hack. The staggering loss prompted immediate calls for action. “We detected over 150 transactions and a total loss of $18.2 million; Indodax is expected to take action,” Cyvers Alerts posted on X (formerly Twitter) on Wednesday.

The Ripple Effect on Indonesia’s Crypto Scene

With 6.7 million users—roughly 33% of Indonesia’s 20.16 million crypto investors—Indodax’s breach could send shockwaves through the nation’s burgeoning crypto market. As one of the largest cryptocurrency exchanges in Indonesia, the potential fallout is significant.

Reacting to the news, Bappebti Head Kasan confirmed that the agency is closely coordinating with Indodax to get to the bottom of the situation. “We are working with Indodax and have already summoned their representatives for clarification. At the moment, the company is conducting a thorough investigation into the suspected system breach,” Kasan said in an official statement on Thursday.

Indodax CEO Responds, Assures Funds Are Safe

In response to the breach, Indodax CEO Oscar Darmawan acknowledged the potential security breach, confirming that a comprehensive investigation and system overhaul are already underway. “Yes, our transaction system is suspected to have been breached. We are actively investigating and performing system maintenance to resolve the issue,” Darmawan said.

Amid growing concerns from investors, Darmawan assured the public that there’s no need to panic. “We guarantee that customer balances, both in crypto and rupiah, are secure.” As part of the system maintenance process, both the Indodax website and app are temporarily inaccessible, adding to the anxiety of users.

Bappebti Urges Calm as Indodax Investigates

In light of the hack, Bappebti is urging Indodax customers and the public at large to maintain calm and trust the ongoing efforts to resolve the breach. “We understand the situation may cause concern, but we are confident Indodax is handling this responsibly,” Kasan emphasized, reminding investors that panicking could only escalate the situation.

While the details of the breach are still unfolding, the incident is a stark reminder of the vulnerabilities that even major players in the crypto space face. Investors, particularly those with significant holdings in Indodax, will be keeping a close watch as the company works to restore full functionality and protect its users’ assets.