A recent attack on the OKX decentralized exchange (DEX) resulted in a substantial loss of over $2.76 million due to a private key leak. The exploit targeted several authorized wallet addresses on the <a href="https://www.cryptoknowmics.com/news/okx-named-official-sleeve-partner-of-manchester-city-in-expansion-of-partnership/" target="_blank" rel="noopener">OKX DEX</a>, draining funds from an address holding over $424,000. The attack focused on a market maker contract facilitating DEX trading, siphoning funds from 18 addresses that had approved the contract for token trading.
<h2>OKX Responds Swiftly to Security Breach, Promises Compensation</h2>
[embed]https://twitter.com/SlowMist_Team/status/1734790816806449567[/embed]

OKX has taken immediate action, deactivating the affected contracts and ensuring the security of the majority of assets on the platform. Investigation by blockchain security firm SlowMist attributes the breach to a leaked private key for OKX’s proxy admin account. This compromised admin account allowed the attacker to upgrade the DEX’s proxy contract to a malicious version, leading to the direct theft of user funds.

Despite ongoing investigations, another security firm, PeckShieldAlert, reported a $2.76 million loss due to a Private Key Leakage attack on OKX. The exchange is committed to compensating affected users, conducting a thorough security audit, and reorganizing abandoned contracts to prevent future vulnerabilities.

[embed]https://twitter.com/PeckShieldAlert/status/1734841998077812923[/embed]

Notably, the decline in crypto heists might be linked to global efforts against North Korean hackers, with the U.S., Japan, and South Korea dismantling major hacker groups, including the notorious Lazarus Group, responsible for over $5 billion in crypto thefts over the past five years.

OKX Reports $2.7M Crypto Loss in Recent Attack

Security breach alert! OKX discloses a $2.7M crypto loss from a recent attack. Stay informed on the latest developments. #OKX #CryptoNews

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

OKX Reports $2.7M Crypto Loss in Recent Attack

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