An X Wallet for OKX Web3 Confirms Compromised Smart Contract
An X wallet for OKX Web3 has confirmed that a deprecated smart contract on the OKX DEX (decentralized exchange) has been compromised. SlowMist, an analysis firm, believes that the owner’s private key was leaked, allowing hackers to take control of the protocol and modify its functionality.
Hackers Steal Tokens from Users
After upgrading the protocol with malicious functions, attackers began calling the DEX proxy contract to steal tokens from users. These users had previously given permission for the protocol to interact with their wallets.
Losses Exceed $430,000
Preliminary estimations suggest that users lost over $430,000 worth of cryptocurrency. The attacker’s address is holding various cryptocurrencies, including USDC, ELON, USDT, and BTT.
Action Taken by OKX Web3
The OKX Web3 team has revoked the contract permissions and is working with relevant agencies to locate the stolen funds. They have also committed to reimbursing affected users with $370,000.
Hot Take: OKX DEX Exploit Highlights Security Risks
The recent exploit on the OKX DEX serves as a reminder of the security risks associated with decentralized exchanges. It underscores the importance of robust security measures and vigilant monitoring to protect user funds. While OKX Web3 has taken swift action to address the issue and compensate affected users, this incident highlights the need for continuous improvement in security protocols within the crypto industry.
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