Summary
Indodax (formerly Bitcoin Indonesia) is Indonesia's largest licensed cryptocurrency exchange, founded in 2014 by Oscar Darmawan and William Sutanto and serving over 9.6 million users. In September 2024, the exchange suffered a major security breach attributed to North Korea's Lazarus Group, resulting in approximately $22–25 million in losses across multiple blockchains. The exchange pledged full reimbursement to affected users, resumed operations within roughly 80 hours, and has since undergone a leadership restructuring.
Connected Entities
1 entities- + 1 more
Timeline(12 events)
2014-02-01
Bitcoin Indonesia (later Indodax) founded by Oscar Darmawan and William Sutanto in Jakarta
2018-01-01
Platform rebrands from Bitcoin Indonesia to Indodax
2020-01-01
Indodax receives Bappebti PFAK license as Indonesia's first licensed crypto exchange
2024-09-10
Blockchain security firm Cyvers detects first suspicious outflows from Indodax hot wallets
2024-09-11
Indodax suspends all platform services; breach confirmed; Lazarus Group suspected by Cyvers and SlowMist
2024-09-13
Indodax publicly discloses breach and pledges full user reimbursement
2024-09-14
CEO Oscar Darmawan issues written statement attributing attack to DPRK-affiliated actor; cooperation with Bareskrim and BSSN confirmed
2024-09-14
Indodax begins restoring services; recovery completed over approximately 80 hours
2024-12-31
Indonesia issues Government Regulation No. 49/2024 transferring crypto supervision from Bappebti to OJK, effective 10 January 2025
2025-01-10
OJK assumes regulatory oversight of Indonesian crypto exchanges including Indodax
2025-04-01
OJK publishes expanded crypto asset approved list (1,444 tokens); Indodax included among 29 licensed platforms
2025-05-19
William Sutanto (former CTO) appointed CEO; Oscar Darmawan becomes Chairman
Decision Log
- hash: DoDxvQLgU5NawAEfi2inoT4ciDSBkrfVs3ibzViKK98K
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:29 AM
last updated: 5/20/2026, 4:21:58 AM
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