OKX, a prominent cryptocurrency exchange, is experiencing significant capital outflows following rumors of security breaches. Recent data released by Defillama indicates that OKX witnessed withdrawals totaling over $204 million within the last 24 hours and a staggering $633 million over the past week, surpassing outflows recorded by other exchanges. In stark contrast, Binance recorded a net inflow of $1.364 billion over the same period.

The turmoil at OKX seems to stem from growing concerns around security breaches. SlowMist, a cybersecurity firm, recently disclosed that two users fell victim to account compromises through similar methods, involving breaches of the SMS notification system on the OKX platform. These breaches led to the creation of new API keys with withdrawal and trading permissions, resulting in substantial financial losses. Initially thought to be cross-trading attempts, these incidents have since been revealed as serious security breaches, further amplifying security worries among OKX users.

Adding to the security concerns, suspicious activity linked to a user named “JokInTheBox” was flagged by SlowMist as an MEV Sandwich Attacker in OKX's OKLink Blockchain Explorer. Recent events have drawn attention to security vulnerabilities across cryptocurrency platforms, with a Binance user also falling victim to a significant cryptocurrency loss due to similar issues.

As a result of these security lapses, the value of OKX's native cryptocurrency, OKB, plummeted by more than 4.5%, dropping from $47.72 to $45.78. Despite this decline, the daily trading volume of OKB surged by over 31% in the past 24 hours, reaching $6.7 million, indicating sustained market activity amidst the security turmoil at OKX.