Agora Inc.'s (API) stock surged 6.56% in pre-market trading on Thursday, fueled by reports suggesting potential security vulnerabilities in the company's application programming interface (API) security system.
According to social media posts, a user claimed to have successfully obtained an Indonesian tax registration number (NPWP) within seconds by exploiting an alleged lack of API security measures on the company's Coretax website. These reports raised concerns about the security of Agora's API and sparked investor optimism about potential growth opportunities for the company's API security solutions if the claims are substantiated.
While the claims have not been confirmed by authorities, investors reacted positively to the reports, driving up Agora's stock price. The Directorate General of Taxes under the Indonesian Ministry of Finance acknowledged the reports and stated that they were investigating the matter.
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