OKX DEX Hacked: 430,000 USTC Stolen Via Compromised Proxy Wallets

OKX hacked

In a recent incident, the OKX decentralized exchange (DEX) has fallen victim to exploitation, resulting in the theft of funds from wallets authorized to the platform.

Unlike recent attacks that primarily targeted vulnerabilities within smart contracts, this incident involved the unauthorized acquisition of credentials required to access the exchange’s wallets—repositories where funds are held in escrow pending transaction finalization.

The thief took various types of digital money from 20 different sources. However, many of these are not well-known and aren’t used a lot, even though some people talk about them.

Out of a total of about $424,000, a good amount is in digital coins like ELON, SHIB, and KEK. The hacker took a huge number of PEPE and KEK tokens, but even though the quantity is massive, their total value is less than $20,000.

On the other hand, the thief also took a decent amount of more commonly used digital money. Over 70k USDC and just over $20k in USDT and wETH, respectively, were stolen in the attack.

Fortuitously, the nature of the breach was comparatively unsophisticated, enabling the expeditious restoration of control by the development team over the platform’s compromised elements. OKX has officially confirmed its commitment to compensating all users adversely affected by the breach.

According to Wu Blockchain, OKX has confirmed that all users affected by the hack will be compensated in short order.

While the successful breach of a well-established decentralized exchange has elicited surprise within the crypto community, the prompt resolution of the incident has also drawn attention. Some members of the community have raised questions regarding the degree of decentralization purported by OKX developers, emphasizing the swift intervention as evidence to the contrary.

Nevertheless, it is pertinent to acknowledge that the existence of a built-in killswitch serves as a prudent precautionary measure for any platform. If the developers’ access to the platform enables the deactivation of compromised wallets, allegations of impropriety may be unwarranted, considering the expeditious termination of the attack, limited though the access may be.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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