- OKX DEX has been exploited, resulting in a loss of over $400,000 from the user wallets authorized to the platform.
- It was reported that the incident was caused by a hacker gaining control over the management rights of an abandoned OKX DEX contract.
- The platform has been seeing an increase in market share due to the recent developments around Binance.
Reportedly, OKX DEX suffered a breach in their network, resulting in a loss of over $400K to users. OKX had regained control of the contract that was used to exploit the users and promised to pay back all the stolen amount. SlowMist, a blockchain security firm, has tweeted on X about the possibility of OKX’s private key being leaked.
OKX DEX has suffered a security breach with some wallets authorized to the platform being used by the hacker to steal over $400,000. Based on the analysis by SlowMist, the hacker gained management rights for the abandoned contract due to a private key leak.
An abandoned contract is a contract that is no longer used to perform user transactions. On December 12, OKX upgraded the contract to a newer version but forgot to disable its usage. This led the hacker to use the private key and gain control of the contract. This incident was noticed only after a user asked for assistance while discovering a loss of funds from the wallet. After knowledge of the exploit, OKX took immediate action to regain control of the contract and protect the remaining user assets.
OKX stated that because of the hack, assets associated with 18 addresses authorized to the contract were harmed. Furthermore, OKX has promised to compensate for the loss of users who have lost their assets. OKX added that they would conduct a self-examination and reorganize all abandoned contracts.
OKX is considered to be one of the fastest-growing decentralized cryptocurrency exchanges. It has over 50 million users, and the market share has been on the rise due to the recent developments surrounding Binance and its $4.3 billion settlement. In terms of spot market share, crypto exchanges like OKX and Bybit have increased dominance from 3.86% and 4.89% to 7.41% and 5.80%, respectively.
In the largest derivatives exchanges, Binance had a monthly volume of $1.26 trillion, making a 30.5 % increase from October. In the same period, OKX had an increase of 53.8%, and Bybit had a 42.9% increase.
