According to SlowMist, despite two similar phishing incidents, OKX’s two-factor authentication mechanism was not the primary vulnerability.
OKX cryptocurrency exchange and its security partner SlowMist are investigating a multi-million dollar exploit that resulted in the theft of two user accounts.
The investigation focuses on the theft of two OKX exchange accounts on June 9 through an SMS attack, also known as a SIM swap. Yu Xian, the founder of SlowMist, shared this information in a post on X.
“The SMS risk notification came from Hong Kong and a new API Key was created (with withdrawal and trading permissions, which is why we suspected a cross-trading intention before, but it seems that it can be ruled out now),” explained Xian.
While the exact amount stolen through the attack remains unclear, Xian noted that “millions of dollars of assets were stolen.”
Summary Review: The recent SIM swap attacks that led to the theft of millions of dollars from OKX user accounts have prompted a thorough investigation by OKX and SlowMist. Despite the incidents, the exchange’s two-factor authentication mechanism was not identified as the main vulnerability. The investigation aims to uncover how the attackers exploited SMS notifications to gain access and create new API keys, highlighting the ongoing challenges and importance of robust security measures in the cryptocurrency industry. As the investigation continues, it serves as a crucial reminder for users and platforms alike to remain vigilant and continually enhance security protocols to protect digital assets.
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