Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Users of the OKX exchange have reported substantial thefts due to a breach in the platform’s SMS notification security.
- OKX is currently investigating the reported cryptocurrency theft and has reached out to the impacted users.
- The exchange has pledged to assume full responsibility if it is determined to be at fault.
The frequency of cryptocurrency theft incidents is once again on the rise, with hackers employing new tactics to extract user funds.
In a recent occurrence, users of the OKX crypto exchange reported significant thefts resulting from a breach of the platform’s SMS notification security.
OKX Exchange Accounts Compromised
On Sunday morning, SlowMist disclosed that two separate victims had their OKX exchange accounts compromised using notably similar methods and features.
As per SlowMist, both cases involved SMS risk notifications appearing to originate from “Hong Kong” and the generation of new API keys that included withdrawal and trading permissions.
Initially thought to be attempts at cross-trading, this hypothesis has since been dismissed. Last week, a Binance user experienced a similar theft, losing over $1 million in cryptocurrency due to a cross-trading plugin.
The attacks were executed by a coordinated group in a focused manner. SlowMist’s tracking team, MistTrack, is diligently monitoring the hacker wallet addresses linked to both incidents and will continue to provide updates.
However, specific details regarding the incidents will not be shared without the consent of the victims.
Related Posts
It is noteworthy that 2FA authentication tools such as Google Authenticator were not activated by the victims, although it remains unclear if this is the primary factor contributing to the breaches.
SlowMist advises against panic, indicating that a broader impact would likely lead to more pronounced related events.
Crypto Exchange Takes Responsibility
OKX, a prominent cryptocurrency exchange, has addressed reports of stolen user assets that have been circulating online today.
The exchange has begun contacting the affected users and is actively probing the incidents.
In a statement, OKX reaffirmed its dedication to resolving the matter, assuring that if the platform is found liable, it will take full responsibility for the losses incurred.
The exchange has committed to announcing the findings of the investigation as soon as they are available and has urged users to remain patient and avoid unnecessary speculation.
During the Binance incident, the crypto hacker utilized a sophisticated approach to manipulate his account and avoid detection.
By holding his web cookies hostage, the hacker executed substantial trades in the USDT trading pair, which is known for its high liquidity.
Furthermore, the hacker placed limit sell orders at inflated prices in pairs with limited liquidity. This tactic allowed the hacker to gain significant profits without triggering any security alerts from Binance.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
