OKX DEX Hacked for $2.7 Million
On December 13, the decentralized exchange OKX DEX experienced a hack resulting in a loss of $2.7 million. The hack occurred after the private key of the proxy admin owner was leaked. The issue began on December 12 when the admin owner upgraded the DEX proxy contract, allowing a user to steal tokens.
Scopescan Reports Attack
Blockchain analysis firm Scopescan also reported the attack, stating that an old abandoned contract was targeted but has since been stopped. The OKX DEX confirmed that any user losses from the hack will be fully covered.
Total Losses of $2.7 Million
According to security company PeckShield, the total loss from the OKX DEX attack amounted to approximately $2.7 million in various cryptocurrencies. PeckShield advised users to revoke allowances if necessary.
Reminder: Decentralization Doesn’t Guarantee Safety
A user pointed out that decentralization does not guarantee asset safety and highlighted the recent OKX DEX hack as a reminder to be cautious.
Increase in Crypto Industry Losses
This year alone, the crypto industry has suffered losses totaling $1.5 billion due to hacks, exploits, and scams. Recent examples include Poloniex losing over $100 million and the HECO Chain bridge hack resulting in losses exceeding $80 million.
Hot Take: Decentralization Isn’t Foolproof
The OKX DEX hack serves as a reminder that decentralized platforms are not immune to security risks. While decentralization offers many benefits, it’s important for crypto users to remain vigilant and take necessary precautions to protect their assets.
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