OKX beefed up account security after $2 million user hack

Hackers stole funds from an exchange client using deepfakes

13.06.2024 - 11:00

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What’s new? The head of the OKX crypto exchange, Star Xu, has announced that it has strengthened measures to protect users’ accounts from hacking. According to him, the platform updated the facial recognition system, as well as implemented enhanced verification of requests to reset additional ways to protect accounts with balances above a certain limit. Such measures were in response to the hacking of one user’s account using deepfakes.

Source: x.com

What else is known? Earlier, an OKX user reported that hackers bought his personal information and used artificial intelligence to create fake videos of his face. It allowed them to change his exchange account password and two-factor authentication (2FA) method to a Google Authenticator (GA) controlled account.

As a result, the victim lost over $2 million worth of cryptocurrencies. This incident was reported by the well-known analyst Colin Wu. According to him, the victim is a well-known member of the crypto community.

Also, this week, OKX reported that the fraudster obtained the data of “a small number of users” by providing fake court documents. The exchange’s officials clarified that the case is now being investigated by real law enforcers, and they can not reveal more details yet.

Source: x.com

Earlier, several users claimed that their accounts were hacked, which led to a massive outflow of funds from the exchange. At the time, Star Xu stated that OKX’s security system was not breached.

Against the background of new information about the hacking of individual accounts, the daily outflow of funds from the exchange has intensified. At the time of writing the news, it exceeded $354 million, which significantly exceeds the total daily outflow from other leading exchanges.

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