In a surprising turn of events, the popular decentralized exchange OKX fell victim to a massive exploit that resulted in the theft of more than $400,000 from user accounts. The incident sheds light on vulnerabilities in the platform and raises concerns about the security of decentralized exchanges. Among the stolen funds, coins such as SHIB, USDC and PEPE stood out. Here are the details…
Hack alarm on OKX decentralized exchange
Earlier today, the OKX decentralized exchange (DEX) experienced a security breach that led to unauthorized access and exploitation of user wallets. Hackers managed to steal over $424,000 from wallets associated with the platform. The exploit is believed to be linked to the deployment of OKX DEX’s Aggregation Router in a suspected potential leak of the private key for permission account 0xFacf3.
🚨SlowMist Security Alert: OKX DEX Proxy Admin Owner's Private Key Suspected to be Leaked🚨
According to information from SlowMist Zone, the OKX DEX contract appears to have encountered an issue. After SlowMist's analysis, it was found that when users exchange, they authorize…
— SlowMist (@SlowMist_Team) December 13, 2023
The incident came to the fore when a user named @axe_ping reported that he lost a significant amount of money from his wallet. Further investigation revealed that a significant amount of funds had been moved to the hacker’s address, identified as 0x1f14e38666cdd8e8975f9acc09e24e9a28fbc42d. All compromised wallets were authorized to OKX DEX, indicating a security breach on the platform.
OKX made a statement
OKX took immediate action to mitigate the damage by removing the compromised proxy address. According to OKX’s official statement, the security incident was a result of the hacking of administrative rights for an abandoned OKX DEX market maker contract. Assets associated with 18 addresses authorized for this contract were compromised. Affected contracts have been disabled to ensure the security of user assets. Affected users lost approximately $370,000 and OKX has committed to compensate these losses. The exchange also promised to conduct a comprehensive security self-review and reorganize all relevant abandoned contracts.
Despite the security incident, OKX is gaining solid market share in the cryptocurrency space. With the latest developments surrounding Binance and its $4.3 billion deal, OKX has positioned itself as one of the fastest and most reliable cryptocurrency apps globally. In the area of derivatives volumes, OKX and Bybit experienced the most significant increase in market share. OKX’s market share increased by 2.75%, reaching 24.9%. This growth is particularly striking when compared to Binance, which continues to lead as the largest derivatives exchange with $1.26 trillion in monthly volume.
Hacker has SHIB and 18 coins in his wallet
The hacker’s wallet at 0x1f14e38666cdd8e8975f9acc09e24e9a28fbc42d contained various cryptocurrencies such as ELON, USDC, BTT, SHIB, WETH, SIDUS, USDT, FROGE, PEPE, AGRS, CAKE, MUBI, TONCOIN, OLAS, STARL, XEN, FLC, RLB and SLP and their counterparts. There are incoming balances and values.
