Reports have emerged indicating that hackers have launched a targeted attack on OKX, a prominent cryptocurrency exchange, resulting in the theft of funds from at least two user accounts. This sophisticated attack involved SMS risk notifications and the creation of new API keys, enabling the perpetrators to siphon off funds from the platform.

According to Yu Xian, the founder of SlowMist, an entity yet to be identified managed to create new API keys with withdrawal and trading permissions after receiving SMS risk notifications from Hong Kong. This allowed the hackers to manipulate the accounts and execute unauthorized transactions, ultimately draining the affected users' funds.

In response to the incident, OKX's Chinese branch issued a statement on X on June 9th, confirming that they are actively investigating the matter and have already reached out to the affected users. They have also pledged to take responsibility if the platform is found to be at fault, promising to disclose the findings of their investigation once it is completed.

The exact methodology employed by the hackers to compromise the trading accounts remains unclear, and the full extent of the attack is yet to be determined. However, SIM swapping, a prevalent form of phone hijacking, is suspected to be involved. This method has been a longstanding threat to cryptocurrency investors, allowing hackers to bypass multi-factor authentication and gain unauthorized access to accounts.

The incident underscores the ongoing security challenges faced by crypto exchanges and users alike. Major industry players have previously fallen victim to similar attacks, highlighting the need for robust security measures to protect against such threats. While some companies have moved away from SMS-based two-factor authentication in response to these risks, others continue to rely on this method, leaving users vulnerable to exploitation.

As the investigation into the OKX attack continues, the crypto community remains vigilant, emphasizing the importance of implementing stringent security protocols to safeguard against potential breaches and unauthorized access to funds.