OKX Hit by Crypto Theft Due to SMS Notification Security Fail

OKX Hit by Crypto Theft Due to SMS Notification Security Fail

OKX Hit by Crypto Theft Due to SMS Notification Security Fail

The overall number of cryptocurrency theft cases has been increasing once more as hackers use creative techniques to steal user money. Users of the cryptocurrency exchange OKX have reported experiencing significant theft due to a vulnerability in the platform’s SMS notification security.

Exchange Accounts for OKX Breach

SlowMist revealed on Sunday morning that two distinct victims’ OKX exchange accounts had been compromised through remarkably similar techniques and characteristics. According to SlowMist, both events established new API keys with trading and withdrawal capabilities and SMS danger notifications from “Hong Kong.” After first being thought to be attempts at cross-trading, this notion has been disproved. A Binance customer experienced a similar heist last week, losing over $1 million in cryptocurrency due to a cross-trading plugin.

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An organized gang carried out the attacks in a focused manner. MistTrack, SlowMist’s tracking team, closely monitors the hacker wallet addresses linked to both instances and will keep you updated. However, without the victims’ permission, specifics of the cases will not be shared.

Notably, the victims did not enable 2FA authentication solutions like Google Authenticator, albeit it is unclear if this is the primary cause of the breaches. SlowMist cautions against panicking, pointing out that more dramatic events would probably follow a more significant impact.

Cryptocurrency Exchange Assumes Liability

Leading cryptocurrency exchange OKX has reacted to online rumors that stolen user assets are spreading today. The exchange has contacted the impacted users and is also actively investigating the instances.

In a statement, OKX reaffirmed its dedication to finding a solution and promised to bear entire liability for any harm it has been proven to have caused. The exchange has asked users to be patient and avoid unwarranted speculation. It has vowed to reveal the investigation results as soon as they become available.

The cryptocurrency hacker used a cunning tactic to alter his account and avoid discovery during the Binance attack. The hacker made significant trades in the highly liquid USDT trading pair by extorting his web cookies. The hacker also put limited sell orders in pairs with little liquidity at inflated prices. Using this tactic, the hacker made a sizable profit without raising any red flags with Binance regarding security.

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