Institutional client says “$11.6 million was stolen”! OKX: The withdrawal request requires entering the "complete verification code"

Cryptocurrency exchange OKX only stated yesterday (12th) that the theft of user assets will soon come to a successful conclusion. Unexpectedly, today (13th) it was reported that the OKX institutional account of a market maker was hacked, and the amount stolen More than $11.6 million. In this regard, OKX stated that the customer’s currency withdrawal request entered a complete verification code. As for how the verification code was leaked? This part requires further investigation and clarification.
According to a post published by Crypto LaLa, director of QuantMatter, a Singaporean quantitative trading company, the company's institutional account on OKX was hacked on May 30. By adding multiple whitelist addresses, funds were converted into Bitcoin, Ethereum, USDC and USDT were transferred to on-chain addresses, resulting in a loss of US$11.6 million in just 25 minutes.
Unlike the previously stolen OKX users, QuantMatter’s institutional account was bound to the Google Authenticator verifier and still used offline mode, but this still failed to prevent the hacker from committing theft.
Crypto LaLa added that the attack involved its main account and sub-accounts, and did not even receive any email notifications during the process, nor did it trigger two-factor authentication, stressing that it had not used any suspicious Google browser extensions.
In response to this incident, OKX founder Xu Mingxing posted a message on the social platform in response, saying that the OKX investigation team continued to ask QuantMatter for relevant information after receiving the news, but the other party seemed unwilling to cooperate.
1. OKX investigation team keep to ask information from your team after we get the report, we don’t get cooperation so far. 2.We do deeply dive internally, there are clear log showing the withdrawal happened at website and enter the full GA&Email code. 3. We suggest work with… https://t.co/Jgljh52G7J
— Star (@star_okx) June 13, 2024
Xu Mingxing emphasized that the theft of QuantMatter assets has nothing in common with other cases, and the time does not match up. It is still under in-depth investigation, but what is certain is that there are complete logs showing that the currency withdrawal was initiated from the web page, and the currency withdrawal request The complete Google Authenticator and Email verification codes have been entered.
As for previous incidents in which individual users’ wallet assets were looted, although most victims stated that they had received full compensation, the matter was not over yet.
Xu Mingxing revealed in a follow-up post that a leader who claimed to be the leader of the "coin stealing hacker gang" took the initiative to contact one of the victims and continued to use words to induce the victim to say that "the whole incident was the result of OKX's self-stealing" ”, causing the victim to come and threaten OKX to provide excessive compensation.
In the face of intimidation and threats, Mingxing Xu was not afraid at all. He pointed out in the post: "OKX never shirks its responsibilities, but it also never accepts threats."
OKX has upgraded the reset security item to a new generation of AI face recognition detection. At the same time, for all reset security item requests for accounts with a balance greater than a certain limit, double manual review has been introduced to ensure that this type of AI face-changing attack will not happen again. For several customers who forged the verification procedures to obtain user information, we have implemented monitoring of customer accounts to ensure asset security. https://t.co/aWxbh0zKf5
— Star (@star_okx) June 13, 2024
In addition, regarding the rumors that "OKX is guarding itself and has an insider", OKX solemnly denied the relevant claims and accusations to the blockchain customers and stated:
OKX has always had a strong internal supervision team. Once any employee is found to have violated laws or regulations, he or she will be fired or transferred to judicial authorities. Everyone is also welcome to report. Once verified, he will be rewarded heavily.
〈Institutional client says “$11.6 million was stolen”! OKX: A "complete verification code" must be entered when requesting a withdrawal. This article was first published on "Block Guest".