OKX exchange has experienced a significant amount of outflows amounting to $633 million over the last seven days. This comes as a result of security concerns surrounding the platform, with rumors circulating that the exchange may be vulnerable due to issues with email and SIM authentication. However, OKX has stated that they are currently investigating the matter and are willing to take responsibility if it is determined that the fault lies within the platform itself.
Over the past 24 hours alone, outflows from OKX have reached $205 million, bringing the total for the month to $340 million according to DefiLlama data. The exchange is currently leading in outflows based on data from centralized exchanges. Concerns over security loopholes on the platform arose after reports of users losing their holdings to a hacker.
Web3 security enthusiasts from Dilation Effect have analyzed the attacks on OKX and found that users are able to switch their verification method from Google Authenticator to less secure options like email or SMS. This allows attackers to bypass the more secure verification process. Additionally, there are no measures in place to trigger a withdrawal ban even during sensitive user operations, potentially putting user funds at risk.
The investigators concluded that OKX’s security settings lack a baseline design and have made compromises to enhance user experience. The team recommends that all users bind their accounts to Google Authenticator for better security measures. As investigations into the attacks on user assets continue, OKX has reassured customers that they will take responsibility and bear the loss if the platform is found to be at fault.
In light of these security concerns, it is important for users of OKX and other cryptocurrency exchanges to prioritize security measures such as using Google Authenticator for verification. It is also advisable to verify facts independently and consult with a professional before making any decisions based on information from news articles. By staying informed and taking proper precautions, users can help protect their assets from potential security threats in the cryptocurrency space.
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