The outflow of Crypto funds from the OKX crypto exchange has increased rapidly over the past seven days as many people claimed that the OKX exchange was facing some critical security issues.
OKX is a moderately popular crypto exchange. This crypto exchange was founded in 2017 by Star Xu and managed by OK Group. It offers spot trading, futures trading, margin trading and other services. OKX is known for its security and user-friendly interface and is popular among cryptocurrency traders around the world.
Last week, two OKX crypto exchange users reportedly faced a similar swap attack and lost a significant amount of money from their OKX accounts. Reports indicate that hackers used artificial intelligence (AI) tools to create fake videos of victims to easily bypass the exchange’s security.
2 days ago, SlowMist founder Yu shared information on the matter and said that a sophisticated text message attack led to the theft. Attackers sent fake notifications from Hong Kong asking victims to create new API keys with withdrawal and trading permissions. Xian suggested that both incidents may have been orchestrated by the same group. Initially, suspected cross-trading intentions in the OKX SIM swap hack were ruled out.
This news generally caused massive panic among OKX customers. In the past seven days, OKX saw a net outflow of $630 million in cryptocurrencies from the platform.
In the last 24 hours, OKX users withdrew $204 million.
It is worth noting that the crypto exchange Binance saw a significant inflow of funds during the same period. Binance has seen net inflows of $1.364 billion over the past seven days. Maybe OKX users moved their funds from OKX to Binance.
Here people need to understand that the hacking incident was not due to a problem with OKX’s security system, but it was the customer’s fault.
In response to such errors, the OKX team shared a detailed guide to avoid such incidents.
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