Preventing Cyber ​​Crime, Indodax Urges Investors to Beware of Online Fraud

Previously, the bearish market phase in 2022 caused several of the world’s major crypto exchanges to go bankrupt, leaving various negative sentiments that quite affected the crypto market last year.

The bankruptcy of a large crypto exchange, namely FTX last year, more or less attracted the attention of crypto investors and Indodax CEO, Oscar Darmawan, as an industry player, was no exception.

As the first local Crypto Asset Physical Trader (CPFAK) that was established in Indonesia, Indodax always prioritizes member asset security and member convenience for transactions.

“Due to this, Indodax decided to carry out a Proof of Reserve (PoR) audit and calculate the company’s liquidity adequacy. At the beginning of this year, we collaborated with well-known auditor Kreston Indonesia KAP Hendrawinata Hanny Erwin & Sumargo to conduct this audit,” said Oscar in press release, quoted Saturday (20/5/2023).

Oscar added, this is a form of consistency and proof to customers that Indodax is a trusted crypto exchange that has good liquidity

Oscar, as an industry player, hopes that other local crypto exchanges registered with the Commodity Futures Trading Regulatory Agency (Bappebti) can also carry out audits like this to ensure the company’s liquidity.

Proof of Reserve Public Access

Oscar explained that Indodax’s Proof of Reserve can be freely accessed by anyone on CoinMarketCap and has been verified. Indodax’s total reserve is USD 153,047,683.28 or the equivalent of IDR 2.26 trillion (assuming an exchange rate of IDR 14,815 per US dollar).

The Indodax reserve details are as follows, more than 2500 BTC Bitcoin, more than 9999 ETH, more than 1,986,590 USDT, 1,102,715,358,593 SHIB, 998,872 MATIC, and others.

“Indodax is the only local crypto exchange that has provided open address tagging, CoinMarketCap verified reserves, and conducted audits in collaboration with the Public Accounting Firm,” concluded Oscar.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.