OKX Hit by Major Outflows Amid Security Breach Rumors

OKX Hit by Major Outflows Amid Security Breach Rumors

  • OKX saw $204 million withdrawn in 24 hours and $633 million over the past week.
  • The major outflows are believed to be driven by recent rumors of security breaches at OKX.

OKX, one of the leading cryptocurrency exchanges, is currently facing capital outflows amid recent rumors of security breaches. Data from Defillama reveals that OKX has seen outflows of over $204 million in the past 24 hours and $633 million over the past week, surpassing the outflows of other exchanges. In contrast, Binance has enjoyed a net inflow of $1.364 billion in the past week.

OKX Hit by Major Outflows Amid Security Breach Rumors PlatoBlockchain Data Intelligence. Vertical Search. Ai.
Centralized Exchanges (CEX) Transparency (Source: DefiLlama)

OKX Falls Victim to Crypto Theft

SlowMist, a blockchain security firm, disclosed on Sunday that two users had their accounts compromised through similar methods. These incidents involved breaching the SMS notification security of the OKX platform, with risk notifications reportedly arising from Hong Kong. 

The attackers created new API keys with withdrawal and trading permissions, leading to significant losses. Initially, these incidents were suspected to be cross-trading attempts, but this theory has since been dismissed. Following this, the security concerns at OKX have been heightened by user reports of major thefts.

However, today SlowMist detected potential suspicious activity related to an X user named “JokInTheBox,” identified as an MEV Sandwich Attacker in OKX’s OKLink Blockchain Explorer.

Last week, a similar incident affected a Binance user, resulting in a loss of over $1 million in cryptocurrency. 

Amid these security issues, the price of OKX’s native cryptocurrency, OKB, has dropped by more than 4.5%, falling from $47.72 to $45.78. As this price declined, the daily trading volume of OKB has surged by over 31% in the past 24 hours, reaching $6.7 million, indicating continued market activity.

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