OKX DEX Loses Over $400,000 To Hackers – What Happens To Customer Funds?
13 Dezember 2023 - 1:45PM
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According to blockchain security company SlowMist, OKX DEX, a
decentralized exchange aggregator platform, lost cryptocurrency
valued at over $400,000. An attacker was able to transfer tokens
that users had not allowed by compromising the management
privileges of a market maker contract, according to the explanation
for the vulnerability. On the OKX DEX aggregator platform, a
deprecated proxy contract was the subject of a recent vulnerability
that allowed a hacker to obtain administration access to the
contract without authorization. Related Reading: Immutable
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OKX DEX: Deprecated Contract Raises Concerns When a protocol stops
actively using a contract to carry out user transactions, it is
considered deprecated. It appears that OKX has updated the contract
but hasn’t entirely stopped using it. 🚨SlowMist Security Alert: OKX
DEX Proxy Admin Owner’s Private Key Suspected to be Leaked🚨
According to information from SlowMist Zone, the OKX DEX contract
appears to have encountered an issue. After SlowMist’s analysis, it
was found that when users exchange, they authorize… — SlowMist
(@SlowMist_Team) December 13, 2023 The claimTokens function of the
OKX DEX smart contract experienced a problem, according to
blockchain security firm SlowMist. The TokenApprove contract, which
required user authorization, invokes the ability to send cash to a
trustworthy DEX Proxy. On December 12, the SlowMist team reported
that the OKX DEX Proxy Admin Owner upgraded the DEX Proxy contract
with a new implementation. The purpose of this new implementation
was to invoke the claimTokens function straight from the DEX
contract. Total crypto market cap at $1.51 trillion on the daily
chart: TradingView.com The exchange said that 18 of the approved
addresses for the contract had been compromised, and linked the
event to the management rights of a cancelled OKX DEX market maker
contract being compromised. Additionally, the exchange pledged to
pay back all impacted users. It would also carry out a
comprehensive security examination in order to stop something
similar from happening again. We regret to inform you that a
deprecated smart contract on OKX Dex has been compromised. We have
taken immediate action to secure all user funds and revoke the
contract permissions. We are working with relevant agencies to
locate the stolen funds and will reimburse affected…
pic.twitter.com/zDIjhb3ETz — OKX Web3 (Wallet | DeFi | NFT)
(@okxweb3) December 13, 2023 OKX Hack: Actual Damages Unknown
According to PeckShield, another researcher specializing in
blockchain security, this vulnerability has cost over $2.76
million. In the last 30 days, OKX DEX is thought to have had over
50,000 active user wallets; however, it is unknown how many users
were impacted by the most recent hack. Related Reading: Injective
(INJ) Trains Guns On $30 After Hitting An All-Time High Of $27 –
Details Users should employ caution while communicating with DeFi
protocols, especially those supported by well-known firms in the
industry, as highlighted by the OKX DEX breach. Featured image from
Shutterstock
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