OKX feels the pinch from a breach affecting its users

OKX’s SMS notification safety feature was compromised by a miscreant who whacked crypto amounts, leaving the users high and dry. The company is engaged in going into the crux of the matter, assuring its users of complete compensation. 

As per SlowMist, the information began trickling in, with two victims sharing that their OKX exchange accounts had been siphoned off. In both cases, a similar SMS risk notification came from Kong Kong, asking to allow withdrawals and trade. 

In the week, a user of Binance went through the same situation and lost the amount to the tune of $1 million in the form of crypto, owing to a cross-trading plugin. 

MistTrack, SlowMist’s monitoring wing, is searching the hacker wallet addresses involved in both breaches.  

Incidentally, Google authenticator was not activated by the victims in both cases, but the probability seems less that this was the reason behind the hack. 

Through a statement released by OKX, they have ensured the users that they are leaving no stone unturned until they can unravel the truth behind the hacks and will be putting out updates as and when the need arises. However, they have committed that every user will be adequately compensated if the platform is found responsible. No spreading of unnecessary rumors is what they have requested so as not to exacerbate the situation further. 

In the case of the Binance breach, the miscreant adopted a strategy for engineering his account to avoid being recognized. He placed his web cookies as bait and implemented large volumes of trade in the USDT trading pair, which resulted in increased liquidity. He also carried out limited sale orders at high prices in pairs and with hardly any liquidity, the secret behind the miscreant’s success.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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