Numerous reports reveal that a security breach at Okx’s decentralized exchange (dex) platform resulted in financial damages estimated at $2.7 million, as confirmed by the onchain intelligence firm Arkham.

Crypto Platform Okx Dex Hit by $2.7 Million Hack, Bounty Offered for Hacker’s Capture

The breach of the Okx Dex platform occurred on December 13, with $2.7 million being extracted from its decentralized finance (defi) protocol. This incident was brought to light by various onchain analysis experts. Arkham has since announced the establishment of a bounty to track down the responsible party.

Arkham communicated via the social media channel X (formerly Twitter). “We’ve created and funded a bounty to help identify the person or organization behind the recent Okx Dex exploit,” Arkham wrote. “Okx Dex was exploited by a hacker who upgraded a deprecated contract with token approvals, resulting in losses of over $2.7M on Dec 13, 2023. The hacker is tied to a number of hacks, including Lunafi, Uno Re, RVLT, and more.”

The Okx Dex and Web3 Wallet X account also acknowledged the breach. They announced, “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 users with $370k. A thorough review is underway to prevent similar incidents. Our apologies for any inconvenience caused.”

“My money lost $750 on your web,” one affected user replied to the account.

This hacking incident at Okx Dex follows a series of defi hacks and centralized exchange breaches. Recently, platforms like HTX and Poloniex have also suffered financial losses due to cyber-attacks. The months of September and November particularly witnessed a surge in attacks on cryptocurrency platforms, leading to monthly losses of hundreds of millions.

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