DIGIVESTASI - Crypto transactions in Indonesia continue to show significant growth. According to data from the Commodity Futures Trading Regulatory Agency (Bappebti), the value of crypto asset transactions in Indonesia during the first half of 2024 reached IDR 301.75 trillion, a 354% increase compared to June 2023, which was only IDR 66.44 trillion.

The number of transactions in the first half of 2024 is even much higher compared to the total transactions throughout 2023. The number of crypto investors in Indonesia also increased, reaching 20.24 million as of June 2024, with an average growth of around 430,500 customers per month since February 2021.

This number surged significantly compared to 17.54 million investors in June 2023 and around 18.51 million investors as of December 2023. However, despite the significant increase, some official and legal crypto exchanges in Indonesia still face transaction issues.

Transaction Issues Worth Billions

One of the legal crypto exchanges in Indonesia, PT Tumbuh Bersama Nano with the Nanovest application, is currently facing issues with failed crypto sell transactions and customer fund withdrawals, as well as manual transactions not conducted within the application.

This case surfaced on social media, where several Nanovest customers complained about difficulties in selling and withdrawing funds. This has raised concerns among customers about the security of their assets.

Nanovest explained that the problem was caused by liquidity constraints on certain crypto tokens or coins. One customer, Geoffrey Aten, told CNBC Indonesia that he had difficulty selling the crypto coin "Mew" and withdrawing funds with a total transaction value of IDR 1 billion.

Geoffrey initially doubted transactions on Nanovest and contacted the Indonesian Crypto Asset Traders Association (Aspakrindo). The general chairman of Aspakrindo, Robby Bun, confirmed that Nanovest is indeed a member of the association.

Geoffrey was not the only customer experiencing this issue. After reporting his problem to Bappebti, Nanovest CEO Hutama Pastika (Tommy) contacted Geoffrey and helped process the pending transaction. However, the transaction was conducted manually outside the Nanovest application, raising questions about the procedure.

Geoffrey also revealed that he was forced to sell his crypto coins due to concerns about losing all his coins because of issues in the Nanovest system. After receiving IDR 1 billion, he requested his "Mew" coins back. Nanovest offered a manual return option, requiring Geoffrey to transfer money to PT Tumbuh Bersama Nano's account.

Geoffrey questioned the legality of this manual transaction and requested confirmation of the coin purchase transaction and its tax issues, but has not received a response.

This issue has raised concerns among crypto investors about the security of manual transactions and the potential for manipulation by crypto exchanges without the customers' knowledge.

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