Decentralized Exchange OKX Suffers Major Hack Losing $400K, Exchange Initiates Action

In a major incident earlier today, popular decentralized exchange OKX suffered a major exploit with hackers stealing more than $400,000 from user accounts.

Decentralized Exchange OKX Hack

In a recent incident, the OKX decentralized exchange (DEX) has fallen victim to exploitation, resulting in the theft of funds from wallets authorized to the platform. The suspected attack led to a loss exceeding $424,000, with the deployer of the OKX DEX’s Aggregation Router implicated in the exploit. OKX has removed the proxy associated with the attack, however, there are suspicions of a potential leak of the private key for the 0xFacf3 permission account.

The exploitation came to light when a user, @axe_ping, sought assistance after discovering the loss of funds from the wallet. Substantial funds apparently moved to the hacker’s address, identified as 0x1f14e38666cdd8e8975f9acc09e24e9a28fbc42d. Notably, all the compromised wallets were authorized to the OKX DEX, indicating a security breach on the platform. OKX took swift action by removing the compromised proxy address.

According to OKX’s statement, the security incident resulted from the hacking of management rights for an abandoned OKX DEX market maker contract. The assets associated with 18 addresses authorized for this contract were compromised. OKX noted that they have deactivated the affected contracts, ensuring the safety of all user assets.

Moreover, the affected users lost approximately $370,000, and OKX has committed to compensating them. The exchange further pledged to conduct a thorough security self-examination and reorganize all pertinent abandoned contracts.

Rising Market Share

OKX stands as a prominent global cryptocurrency exchange and innovative Web3 company. With the trust of over 50 million users worldwide, OKX has earned recognition for its position as one of the fastest and most dependable cryptocurrency applications globally.

Moreover, OKX has been recently gaining solid market share in the crypto space in the wake of developments surrounding Binance and the massive $4.3 billion settlement.

In November, Binance continued to lead as the largest derivatives exchange, registering a monthly volume of $1.26 trillion, marking a 30.5% increase from October. Notably, OKX and Bybit exhibited notable growth during the same period, with respective increases of 53.8% and 42.9%, resulting in trading volumes of $660 billion and $375 billion

This week's Chart of the Week highlights how Bybit and OKX reached all-time highs in terms of combined Spot/Derivatives market share.

Bybit now captures an aggregated 11.94%, whilst OKX captures 20.2% in November – a combined market share of over 32%! pic.twitter.com/gifhRPUJaO

— CCData (@CCData_io) December 6, 2023

In the realm of derivatives volumes, OKX and Bybit experienced the most substantial surge in market shares. OKX’s market share climbed by 2.75%, reaching 24.9%.