Global cryptocurrency exchange OKX is witnessing massive outflows amid reports of a security breach, according to decentralized finance (DeFi) data aggregator DefiLlama.
Per DefiLlama left OKX with approximately $204.67 million worth of crypto assets in the last 24 hours.
Over the past seven days, OKX has recorded outflows of $633.88 million.
Meanwhile, Binance, the world’s largest crypto exchange by volume, has recorded an inflow of $128.51 million in a 24-hour period and an inflow of $1.364 billion in the past seven days, according to data aggregator DeFi.
Citing blockchain security firm SlowMist, Asia-focused journalist Colin Wu say that the OKX security breach was carried out via SIM hijacking – a form of fraud in which attackers manipulate a carrier into transferring a target’s mobile phone number to themselves in order to receive the target’s calls or text messages are required for two-factor authentication on internet accounts.
“According to Slowmist, two OKX accounts were stolen this morning and hackers created new Application Programming Interface (API) keys with trading and withdrawal permissions. None of the victims used Google Authenticator, but instead used SMS or email verification. Hackers have hijacked mobile phone verification codes to withdraw coins.”
Wu continues say Feedback obtained on OKX’s social media account after the hack was reported shows that the crypto exchange has lax security measures in place.
“Community feedback shows that OKX’s mandatory use of Google Authenticator is relatively rare and that email + SMS can be used for authentication, increasing the risk of theft.”
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