The cryptocurrency exchange OKX has become the latest victim of a security breach, with users reporting significant crypto theft due to a failure in the SMS notification security system.

OKX Exchange Accounts Compromised

According to SlowMist, two different victims had their OKX exchange accounts stolen using similar methods. The incidents involved SMS risk notifications originating from "Hong Kong" and the creation of new API keys with withdrawal and trading permissions. SlowMist's tracking team, MistTrack, is monitoring the hacker wallet addresses involved in both incidents and will continue to provide updates.

Lack of 2FA Authentication

It remains uncertain if the lack of 2FA authentication tools like Google Authenticator enabled by the victims is a key factor in the breaches. SlowMist advises against panic, suggesting that a larger impact would likely result in more exaggerated related events.

Crypto Exchange Takes Responsibility

OKX has responded to the reports of stolen user assets and has initiated contact with the affected users. The exchange is actively investigating the incidents and has assured that if found responsible, it will take full responsibility for the losses. OKX has promised to announce the investigation results as soon as they are available and urged users to remain patient and refrain from unnecessary speculation.

Sophisticated Hacking Methods

During the Binance attack, the crypto hacker employed a sophisticated method to manipulate his account and evade detection. By holding his web cookies hostage, the hacker executed large trades in the USDT trading pair, which has high liquidity. Additionally, the hacker placed limit sell orders at inflated prices in pairs with scarce liquidity, enabling him to profit significantly without triggering any security alerts from Binance.

Conclusion

The rising number of crypto theft incidents highlights the need for exchanges to strengthen their security measures and protect user funds. As OKX investigates the breach, it is crucial for users to prioritize the use of 2FA authentication tools and to remain vigilant against potential security threats in the crypto ecosystem.