According to The Block, Indonesian cryptocurrency exchange Indodax said it had discovered security issues on its platform, and Cyvers estimated that the losses could exceed $20 million.

Indodax also said that it is undergoing maintenance and its website and app are currently inaccessible.

Indonesian cryptocurrency exchange Indodax appears to have experienced an attack that resulted in estimated losses of $20.5 million.

Yosi Hammer of blockchain security firm Cyvers said: “We discovered a major security breach targeting Indodax’s hot wallets, resulting in the loss of over $20.5 million across multiple chains.” He added: “Our real-time monitoring system detected 160 critical red flags in the initial phase, starting with the transfer of 660 ETH.”

PeckShield wrote on X earlier today that they detected a large outflow of cryptocurrency from Indodax, worth about $15.7 million. According to PeckShield data, about 5,204 ETH is stored in one address on Ethereum, and about 6.8 million POL is stored on Polygon, and about 3.8 million ETH is stored on Optimism.

In response to the reported security incident, Indodax posted a message on X saying that its security team had discovered a potential security issue on the platform. Indodax said in a translated post: "Currently, we are conducting a comprehensive maintenance to ensure the normal operation of the entire system. During this maintenance process, the Indodax web platform and application will be temporarily inaccessible."

Indodax claims that its customers’ funds are “100% safe” in both cryptocurrencies and the Indonesian rupiah.

The Indodax team did not immediately respond to Blockchain’s request for further comment.