OKX Hit by Crypto Theft Following SMS Notification Security Failure
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
OKX is actively investigating the reported cryptocurrency theft and has reached out to the affected users. The exchange has pledged to take full responsibility if it is determined to be at fault.
The number of crypto theft incidents is rising once more, as hackers develop new methods to steal user funds. Recently, OKX crypto exchange users reported significant thefts after hackers bypassed the platform’s SMS notification security.
Accounts Compromised on OKX Exchange
On Sunday morning, SlowMist reported that two different victims had their OKX exchange accounts stolen using remarkably similar methods.
Both incidents involved SMS risk notifications originating from “Hong Kong” and the creation of new API keys with withdrawal and trading permissions. Initially suspected to be cross-trading attempts, this theory has since been ruled out.
Last week, a Binance user experienced a similar theft, losing over $1 million in crypto due to a cross-trading plugin.The attacks were orchestrated by a premeditated gang in a concentrated manner. 
SlowMist’s tracking team, MistTrack, is actively monitoring the hacker wallet addresses involved in both incidents and will continue to provide updates. However, specific details of the incidents will not be disclosed without the victims’ consent.
Notably, the victims had not enabled 2FA authentication tools like Google Authenticator, although it’s unclear if this was the main factor in the breaches. SlowMist advises against panic, indicating that a larger impact would likely lead to more pronounced related events.
Crypto Exchange Accepts Responsibility
OKX, a prominent cryptocurrency exchange, has addressed reports of stolen user assets circulating online today. The exchange has reached out to the impacted users and is currently investigating the incidents.
OKX, in a statement, underscored its dedication to resolving the issue, guaranteeing full responsibility for any faults found on the platform. The exchange pledged to disclose the investigation findings promptly and urged users to remain patient, avoiding unnecessary speculation.
During the Binance attack, the crypto hacker utilized a sophisticated method to manipulate their account and evade detection. By hijacking their web cookies, the hacker executed substantial trades in the USDT trading pair, benefiting from its high liquidity.
Additionally, the hacker placed limit sell orders at inflated prices in pairs with scarce liquidity, enabling significant profits without triggering security alerts from Binance.
In order to place winning trades with us via Bybit, You can open an account here.
