The incident led to an investigation by and security partner SlowMist. Sources claim the theft took place via an SMS attack.
Hackers Breach OKX Accounts: $600M Outflows Reported
Unconfirmed sources claim OKX saw over $600 million in outflows following the incident. OKX says it has reimbursed two affected users.
SlowMist founder Yu Xian was one of the first to report the incident. Xiam explained that the users had received SMS threat alerts from Hong Kong before the attack. Afterward, a new API key was created for their account verification. This enabled the hackers to pull funds from the accounts.
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Other security experts contributed to the investigation. For example, analysts at Dilation Effect spotted an alleged weakness in OKX’s authentication mechanism. They claimed that OKX’s design allowed users to move to less stringent security measures during critical moments.
According to OKX’s CEO, the hack was caused by the victim’s email and SMS being hijacked. In addition, the victims reportedly did not activate two-factor authentication.
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A Rise in Crypto Scams
A recent Coingecko report shows that more experienced hackers have lately begun evading 2FA authentication procedures. A Chinese trader lost $1 million in early June to a fraud utilizing the Aggr Google Chrome plugin, which was a promotional tool. Hackers use stolen user cookies from the plugin to get around 2FA authentication and passwords.
Similarly, June saw an increase in scams. CoinGecko confirmed a data breach involving GetResponse, a third-party email management platform. The attacker exploited the breach to send victims 23,723 phishing emails.
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Hackers who use phishing attacks seek to gain private keys to cryptocurrency wallets and other sensitive data. These days, hackers use different tactics to attack unsuspecting users. One of their ploys tries to fool investors into voluntarily transferring money to a phony address that looks like addresses they have dealt with in the past.
Thankfully, we have an article on how to prevent crypto scams. Check it out
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