Million

OKX, the decentralized exchange (DEX), fell victim to a $2.7 million hack on December 13, when it was discovered that the private key of the proxy admin owner had been compromised.
The incident was first brought to light by SlowMist Zone, a blockchain security firm, in a post on X (formerly Twitter).
According to their report, the issue began on December 12, 2023, around 10:23 pm when the proxy admin owner upgraded the DEX proxy contract to a new implementation contract.
This upgrade triggered a series of events in which a user started stealing tokens from the platform.
Around 11:53 pm, the proxy admin owner made another contract upgrade, but the user continued to exploit tokens.
SlowMist Zone suggested that the attack might be linked to the alleged leakage of the proxy admin owner’s private key. Subsequently, OKX DEX removed the DEX proxy from its trusted list.
Scopescan, an on-chain analysis firm, also reported the attack and mentioned that users had reported the event.
READ MORE: <a href="https://www.cryptointelligence.co.uk/sbi-holdings-and-saudi-aramco-explore-digital-asset-and-semiconductor-collaboration/" rel="noopener noreferrer nofollow">SBI Holdings and Saudi Aramco Explore Digital Asset and Semiconductor Collaboration</a>
After contacting OKX DEX, they were informed that an old abandoned contract had been attacked but was subsequently located and stopped.
The DEX assured users that any losses resulting from the hack would be fully covered.
The hack resulted in a total loss of approximately $2.7 million in various cryptocurrencies, according to PeckShield, another blockchain security company.
They advised users to “revoke allowances” if necessary.
In response to the incident, some users highlighted the misconception that decentralized platforms are immune to security breaches.
They emphasized the importance of caution in the decentralized space, as demonstrated by the OKX DEX hack.
The cryptocurrency industry has suffered significant losses throughout the year, with approximately $1.5 billion attributed to hacks, exploits, and scams up until September 2023.
In the fourth quarter, other platforms like Poloniex and the HECO Chain bridge also experienced substantial losses due to exploits and hacks.
Coinelegraph reached out to OKX for further details regarding the exploit, seeking clarification and additional information on the incident.
<a href="https://www.cryptointelligence.co.uk/crypto-intelligence-blockchain-council/" rel="noopener noreferrer nofollow">Discover the Crypto Intelligence Blockchain Council</a>

OKX DEX Hit by $2.7 Million Hack Due to Leaked Private Key

Crypto Intelligence

Other articles published on Dec 14, 2023

Quantitative Analyst Declares Final Point for Bitcoin: It Will Shine After This Date

Taurus and Teylor collaborate to tokenize German SME loans on TDX Marketplace

Philippine SEC Gives Binance and Other Platforms Operating Without License 3 Months Before Ban

Revolutionizing Digital Collectibles: MyGeoTokens Unveils A New Groundbreaking NFT Marketplace

Russia to Authorize Cryptocurrency Sales for Miners: A Step Towards Legalization

Former Credit Suisse Exec Revolutionizes Crypto Trading With BTC & ETH Spot Launch

Join our free newsletter for daily crypto updates!