OKX battles multimillion-dollar thefts after SIM-swap attacks

OKX battles multimillion-dollar thefts after SIM-swap attacks

user avatar

by Eve Adams

2 years ago


The cryptocurrency exchange OKX and its security partner SlowMist are investigating a major exploit that resulted in the theft of assets from two users.

The investigation pertains to the theft of two accounts on the OKX exchange, which occurred on June 9 through a SIM-swap attack. This information was reported by Yu Jian, founder of SlowMist, in a post on X.

The risk notification via SMS came from Hong Kong, and a new API key was created (with permissions for withdrawals and trading, so we initially suspected cross-trading intentions, but now that seems unlikely).

Although the exact amount of stolen funds is unknown, Jian noted that “assets worth millions of dollars were stolen.”

SlowMist: 2FA is Not the Main Issue in the Attack

The security firm SlowMist continues to investigate the incident, and the exchange’s two-factor authentication (2FA) mechanisms may not be the primary vulnerability.

In a post on X dated June 9, Yu Jian wrote:

“I did not enable a 2FA authenticator such as Google Authenticator, but I am not sure if this is the key point.”

According to the analysis by the Web3 security group Dilation Effect, OKX’s 2FA mechanism allowed the attackers to switch to a less secure verification method, enabling them to whitelist withdrawal addresses through SMS verification.

However, more experienced hackers have begun to bypass 2FA methods. In early June, a Chinese trader lost $1 million due to fraud involving a Google Chrome ad plugin called Aggr. This plugin steals users' cookies, which are then used by hackers to bypass passwords and 2FA.

Increase in Phishing Attacks

In June, the number of phishing attacks increased after CoinGecko confirmed a data breach on its third-party email management platform GetResponse. As a result of the breach, the attacker sent 23,723 phishing emails.

Phishing attacks aim to steal sensitive information such as private keys of cryptocurrency wallets. Some attacks, known as address poisoning scams, trick investors into voluntarily sending funds to fraudulent addresses similar to those they have previously interacted with.

Leaks of private keys and personal data have become the main cause of cryptocurrency-related breaches, as attackers target the easiest victims.

Overall cryptocurrency losses due to vulnerabilities

According to the HackHub report by Merkle Science for 2024, over 55% of hacked digital assets were lost due to private key leaks in 2023.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

Binance Announces Closure of Mining Pool Services

Binance has announced the closure of its mining pool and related services effective November 10, 2026.

user avatarLuis Flores

AI Researchers Light Up Cigarettes to Signal Confidence in AI's Cancer Cure Potential

AI researchers are smoking cigarettes to signal their confidence in AI's potential to cure cancer.

user avatarArif Mukhtar

Sony's Plan to Discontinue Physical Game Discs Faces Major Backlash

Sony's announcement to stop producing physical game discs by 2028 has led to significant backlash from the gaming community.

user avatarMaria Gutierrez

Vibe Coders Successfully Port PS5 Games to PC with AnyPS5 Project

Vibe coders are making significant strides in porting PlayStation 5 applications to Windows and Linux through their open-source project, AnyPS5, which aims to convert PS5 game executables into programs that can run natively on PCs.

user avatarDavid Robinson

TRON DAO Reports Significant Growth in Q3 2026

TRON DAO highlights significant growth in transaction volume and network activity in its Q3 2026 ecosystem report.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.