Is OKX the next exchange to get hacked?

[Mission1379]

I have been observing a strange pattern in crypto over the past few months and I want to know if I'm the only one paying attention to it. An exchange get hacked after it's leadership criticised the rival breach incident. This is not just coincidence, it's more of pattern because it has happened severally.

When Hyperliquid had its issues, CZ of Binance and Gracy of Bitget were very vocal about it on twitter criticising and downgrading their security system. Shortly after that, Bitget suffered a major hack. Some few weeks later, Binance got their own share of the hack.

Same thing happened on the part of hardware wallets. Ledger has been the king for years but ColdCard becomes a strong competitor and they've been shading each other for a while. Recently after ColdCard incident, Ledger came out plainly to criticise their security system. Shortly after, Ledger got hit with implant incidents.

It's funny how the one criticising suddenly become the one explaining.

Now, OKX is after Binance publicly criticising them. I'm not saying OKX will be hacked or anyone is planning it but we've seen this script before.

Bragging about security has historically been a bad omen in crypto.

[_act_]

Any exchange could be the next that will be hacked. It might be OKX and it might not be OKX.

Now, OKX is after Binance publicly criticising them. I'm not saying OKX will be hacked or anyone is planning it but we've seen this script before.

It is no more a new thing that OKX do not like Binance. This is not the first time that OKX criticized Binance. The last I remember was not very long ago when Binance was unable to obtain MiCA license.

[Alvin_talk]

I guess all the attention is on OKX right now.



Although the scenario you cited are just coincidence and nothing more. But instead of speculating, it will be better you move your coins from centralised exchanges (if you have any).

OKX criticism about binance is simply a market strategy to divert Binance customers to OKX and nothing more. They are simply taking advantage of a favourable situation.

[tabas]

Now, OKX is after Binance publicly criticising them. I'm not saying OKX will be hacked or anyone is planning it but we've seen this script before.

Bragging about security has historically been a bad omen in crypto.

That might be a good coincidence that after criticizing each other, they have been attacked. But to be honest, any exchange is a potential target of these hackers. As long as they've got funds or money that can be taken by these hackers, they'll try to attack to them any time they wish to. What OKX and the others which are not yet hacked, they can learn from these bigger ones and make sure that they won't allow any small potential problem to occur that can lead to breaking in of these hackers into their hot wallets and even with user's info database.

[RGBTC]

Are you referring to this tweet? https://x.com/star_okx/status/2117282436107378890
I don’t remember them ever being hacked; at the very least, they train their employees well to disregard any "dream job" offers and to refrain from doing personal work on office devices. hahaa

[Darker45]

Did OKX criticize Binance? Or were they "bragging about security" when Binance fell victim to the largest hack in crypto history? I haven't stumbled upon OKX's statement criticizing Binance. What exactly did OKX say? What I only saw was Elon Musk's misplaced trolling of CZ in the face of Binance's most challenging days ever.

Anyway, this isn't about bad omen or anything like that. I'm sure every single one of them, especially major exchanges, is under threat right now. Surely, criminals are carefully evaluating, scrutinizing their defenses all the time looking for flaws, bugs, loopholes, and whatnot which they could take advantage of. So, any one of them could fall next any minute from now.

[nc50lc]

This is not just coincidence, it's more of pattern because it has happened severally.

Then those who also criticize that aren't hacked yet, will be hacked in the future?
And those who are hacked that don't criticize aren't part of the "pattern" but just coincidently happened?

The reality is, all of them are targets, not just exchanges, gambling sites and wallets are included.
Correlating it to something that they usually do (bragging about something for publicity) will definitely make that coincidence true just like how superstitions work.
But that doesn't mean there's a pattern there;
It's just correlated to a very common factor.

It's just a matter of which has the weakest security or if the projected amount is worth the resources to find exploits.

[hugeblack]

Such events serve as a form of free promotion for them; after all, the downfall of your strongest competitors is excellent publicity for your own platform. I do not believe these incidents are part of a coordinated effort. we are not talking about a group that merely exposes platform vulnerabilities; rather, they are actively stealing their reserves. Hackers are constantly on the lookout for vulnerabilities, and as long as these exist, they will exploit them and it is impossible to predict exactly when a hack might occur.

[Mission1379]

Did OKX criticize Binance? Or were they "bragging about security" when Binance fell victim to the largest hack in crypto history? I haven't stumbled upon OKX's statement criticizing Binance. What exactly did OKX say? What I only saw was Elon Musk's misplaced trolling of CZ in the face of Binance's most challenging days ever.

It seems you're missing a lot on this case. Check the qoute below, that's a direct confrontation and criticism from OKX CEO. Of course, they don't use their official platform profile to attack the competitor, maybe that's why you missed it. It's always the leadership that throw the missiles on behalf of their platform.

I genuinely don’t want to criticize a competitor during their crisis. What I really want is for us to work together with them to raise security standards and better protect the entire crypto industry.

But I have to say, the interview with the “richest man in crypto,” who claims he no longer runs Binance (do you really believe that?), made me sick.

The interview was full of bullshits. It was misleading, appeared to downplay their own responsibilities, and attempted to discredit traditional banks to make excuses for their own failures.

Instead of demonstrating accountability and leadership during a crisis, the interview seemed more focused on deflecting responsibility and shifting blame. This is not the kind of leadership our industry needs.

This was coming from OKX CEO after CZ interview with Coindesk after the hack incident. You can find more of similar post on his twitter profile https://x.com/star_okx

Such events serve as a form of free promotion for them; after all, the downfall of your strongest competitors is excellent publicity for your own platform. I do not believe these incidents are part of a coordinated effort. we are not talking about a group that merely exposes platform vulnerabilities; rather, they are actively stealing their reserves. Hackers are constantly on the lookout for vulnerabilities, and as long as these exist, they will exploit them and it is impossible to predict exactly when a hack might occur.

Maybe when they're busy doing the PR, they take their eyes off their own security. Hackers are usually after a slim vulnerability and they won't hesitate to exploit it.

[ABCbits]

Unless someone can prove many exchange decide to hack their competitor, your observation is example of phrase "Correlation does not imply causation". It's not like actual hacker know or care about promotion or controversy of each exchange they may target.

Such events serve as a form of free promotion for them; after all, the downfall of your strongest competitors is excellent publicity for your own platform. I do not believe these incidents are part of a coordinated effort. we are not talking about a group that merely exposes platform vulnerabilities; rather, they are actively stealing their reserves. Hackers are constantly on the lookout for vulnerabilities, and as long as these exist, they will exploit them and it is impossible to predict exactly when a hack might occur.

Maybe when they're busy doing the PR, they take their eyes off their own security. Hackers are usually after a slim vulnerability and they won't hesitate to exploit it.

Big company usually have separate team and people that do PR and security, so i doubt that's the case. Although it's different case if the company reallocate funds from security team to PR team .

[iagomsp]

i dont think OKX will be hacked as they seeing incidents and taking precautions for sure.

[joniboini]

Big company usually have separate team and people that do PR and security, so i doubt that's the case.

Even if they want to cut budget they won't ask a guy to handle PR and security at the same time. Some people think a company is run by a single guy. Maybe they're joking, but some of them get surprised when some random employee got hacked because they don't apply proper security measures. It's not like the company will monitor the employee 24/7 anyway, and if they did, they'll probably have bigger issues to deal with if that went public.

[salad daging]

Are you referring to this tweet? https://x.com/star_okx/status/2117282436107378890
I don’t remember them ever being hacked; at the very least, they train their employees well to disregard any "dream job" offers and to refrain from doing personal work on office devices. hahaa

The OKX Exchange has never been hacked, but the OKX DEX has experienced exploits with a total loss of $430,000, as well as several accounts that have been hacked but that doesn't mean a lot just a few.
- https://x.com/SlowMist_Team/status/1734790816806449567?s=20
- https://x.com/WuBlockchain/status/1799715182446620695

I do not know about this incident, is this a self-reminder for OKX or just part of marketing at a time when competitors are falling? Yep indirectly they will not mock her, but behind it all OKX owners say describe her security is still strong.

[sergiorus]

Are you referring to this tweet? https://x.com/star_okx/status/2117282436107378890
I don’t remember them ever being hacked; at the very least, they train their employees well to disregard any "dream job" offers and to refrain from doing personal work on office devices. hahaa

The OKX Exchange has never been hacked, but the OKX DEX has experienced exploits with a total loss of $430,000, as well as several accounts that have been hacked but that doesn't mean a lot just a few.
- https://x.com/SlowMist_Team/status/1734790816806449567?s=20
- https://x.com/WuBlockchain/status/1799715182446620695

I do not know about this incident, is this a self-reminder for OKX or just part of marketing at a time when competitors are falling? Yep indirectly they will not mock her, but behind it all OKX owners say describe her security is still strong.

There's no OKX DEX, it is just an interface that routes trades through various DEXes. So there are no liquidity pools or any funds locked in there that can be drained. Certain trades were compromised but that was peanuts for OKX.

And yes it is true that OKX has never been hacked before, along with Coinbase and Kraken. These pioneers of the industry take security very seriously. I don't really see reasons to be concerned about possible OKX hack now. I mean any exchange can fall a victim but why exactly OKX? It doesn't have any particularly high chances to be the next.

[ABCbits]

And yes it is true that OKX has never been hacked before, along with Coinbase and Kraken. These pioneers of the industry take security very seriously. I don't really see reasons to be concerned about possible OKX hack now. I mean any exchange can fall a victim but why exactly OKX? It doesn't have any particularly high chances to be the next.

I'm not sure about OKX and Kraken, but CoinBase at least had 2 security issue in past.

Coinbase has disclosed that hackers successfully stole cryptocurrency from at least 6,000 customers this spring, partly by exploiting a flaw in the cryptocurrency exchange’s two-factor authentication system.

Coinbase revealed the hacking spree in a data breach notice sent out to affected customers this week. “At least 6,000 Coinbase customers had funds removed from their accounts, including you,” the notice says. BleepingComputer was first to report the news.

Cryptocurrency exchange Coinbase has disclosed that unknown cyber actors broke into its systems and stole account data for a small subset of its customers.

"Criminals targeted our customer support agents overseas," the company said in a statement. "They used cash offers to convince a small group of insiders to copy data in our customer support tools for less than 1% of Coinbase monthly transacting users."

It's probably not as bad as other exchange, where coin on their hot wallet got stolen. But IMO it's definitely not "never hacked before".

[Renampun]

i dont think OKX will be hacked as they seeing incidents and taking precautions for sure.

Neither OKX nor any other exchange is completely immune to hacking... Even if they take precautions by strengthening security and preparing for potential attacks, no platform can guarantee 100% security.. There will still be vulnerabilities that hackers can exploit on their platforms.. Moreover, with the help of AI, hackers can more quickly identify potential weaknesses on a platform and exploit them for their own gain.