Hackers took over management rights for an abandoned OKX DEX market maker contract and hacked a significant vulnerability on the well-OKX exchange, stealing over $400,000 from user accounts.
A recent occurrence involves the OKX decentralized exchange (DEX) being exploited, which has led to the misappropriation of funds from purses that have been granted authorization to use the platform.
The exploit implicated the deployer of the OKX DEX’s Aggregation Router, which resulted in a loss of over $424,000.
Despite OKX’s removal of the proxy linked to the attack, concerns remain regarding the possibility that the private key for the 0xFacf3 permission account may have been compromised.
As soon as a user, @axe_ping reported the loss of funds from the wallet, the exploitation became apparent. Significant funds were transferred to the address associated with the perpetrator, which has been identified as 0x1f14e38666cdd8e8975f9acc09e24e9a28fbc42d.
Significantly, each compromised wallet possessed authorization to the OKX DEX, signifying a security breach on the platform. OKX promptly responded by eliminating the compromised proxy address.
Hacking of management rights for an abandoned OKX DEX market maker contract, according to a statement from OKX, was the cause of the security incident.
Compromise occurred with the assets associated with eighteen addresses authorized for this contract. By deactivating the compromised contracts, OKX has ensured the security of all user assets, the company stated.
Additionally, OKX intends to compensate the afflicted users who suffered losses of around $370,000. Further, the exchange committed to performing a comprehensive security self-assessment and restructuring all applicable defunct contracts.
Increased Market Share
OKX is a highly regarded international cryptocurrency exchange and a pioneering Web3 organization. OKX has gained international acclaim as one of the most expeditious and reliable cryptocurrency applications globally, earning the confidence of more than 50 million users.
Furthermore, OKX has experienced significant growth in market share within the cryptocurrency industry since the unfolding events about Binance and the enormous $4.3 billion settlement.
As the leading derivatives exchange in November, Binance maintained its position with a monthly volume of $1.26 trillion, an increase of 30.5% compared to October.
Significantly, OKX and Bybit demonstrated noteworthy expansion throughout the identical time frame, attaining trading volumes of $660 billion and $375 billion, respectively, due to 53.8 percent and 42.9 percent increases.
Concerning the volumes of derivatives, OKX and Bybit witnessed the most significant increase in market shares. At 24.9%, OKX’s market share increased by 2.75 percent.
