Crypto Updates

Crypto Exchange OKX Sees $204,000,000 in Outflows Following Reports of Security Incidents

Crypto Exchange OKX Sees $204,000,000 in Outflows Following Reports of Security Incidents

Global cryptocurrency exchange OKX is witnessing a massive outflow amid reports of a security breach, according to the decentralized finance (DeFi) data aggregator DefiLlama.

Per DefiLlama approximately $204.67 million in crypto assets has exited OKX over the past 24 hours.

Over the past seven days, OKX has recorded outflows amounting to $633.88 million.

The world’s largest crypto exchange by volumes, Binance, has meanwhile recorded inflows of $128.51 million in a 24-hour period and inflows of $1.364 billion over the past seven days, per the DeFi data aggregator.

Source: DeFiLlama

Citing blockchain security firm SlowMist, Asia-focused journalist Colin Wu says that the security breach on OKX was conducted through SIM hijacking – a type of fraud where attackers manipulate a carrier to transfer the cell phone number of a target to themselves in order to receive the target’s calls or text messages necessary for two-factor authentication on online accounts.

“According to Slowmist, two OKX accounts were stolen this morning, and hackers created new Application programming interface (API) Keys with trading and withdrawal permissions. None of the victims used Google Authenticator, but instead used SMS or email verification. Hackers hijacked mobile phone verification codes to withdraw coins.”

Wu further says that feedback obtained on OKX’s social media account after the hack was reported indicates that the crypto exchange has lax security measures.

“The community feedback shows that OKX’s mandatory use of Google Authenticator is relatively rare, and email + SMS can be used for verification, which increases the risk of theft.”

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