OKX DEX Reimburses Losses from Recent $2.7M Security Breach

OKX DEX Reimburses Losses from Recent $2.7M Security Breach

By: Eliza Bennet

Following a serious security breach involving a deprecated smart contract on December 12, decentralized exchange aggregator OKX DEX has pledged to reimburse affected users. As per official sources, the security breach led to an estimated loss amounting to around $2.7 million.

This unauthorized activity led to the loss of close to 430,000 tokens from projects like USDC, USDT, Pepe, WETH, Rollbit, SLP, and SHIBA INU, unravelled across a total of 31 transactions. The stolen tokens were transferred to an unauthorized wallet now labeled "OKX Exploiter 2" on Etherscan.

Notably, the breach was suspected to be originated from the leakage of a Proxy Admin Owner’s private key. Upon discovering the breach, OKX immediately revoked the permissions of the compromised smart contract and is currently collaborating with relevant authorities to recover the stolen funds. Additionally, a study is underway to prevent such incidents from recurring. The OKX DEX Proxy was later removed from the trusted list as a risk aversion step.

Blockchain security company SlowMist was able to identify a potential leak in the private key leading to the breach. However, it remains unclear how many of the platform's 50,000 active user wallets were affected by this breach. The platform advises users to exercise caution when dealing with DeFi protocols.

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