OKX pledges to compensate for the damage caused by the hack of the decentralized exchange

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Experts estimate losses at $2,7 million

OKX pledges to compensate for the damage caused by the hack of the decentralized exchange

13.12.2023 - 13:30

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What’s new? OKX, a decentralized crypto exchange (DEX), lost $2,76 million in various cryptocurrencies as a result of the leak of the proxy server administrator’s private key, according to blockchain audit firms PeckShield and SlowMist. OKX itself recognized the compromise of the “outdated” smart contract and pledged to reimburse the losses of users. At the same time, representatives of the exchange estimated the damage at only $370 000.

Source: Twitter.com

What else is known? According to SlowMist, the OKX DEX contract had a problem with the TokenApprove and claimTokens functions, which are used to transfer tokens and were used by attackers after the administrator updated the contract.

Source: Twitter.com

Scopescan’s representatives sought clarification from the OKX team, who stated that the attack involved an old abandoned marketmaker contract and the vulnerability had already been fixed.

Source: Twitter.com

Following the attack, the OKX exchange token (OKT) fell by 12,9% to $22,44.

Earlier, SlowMist estimated that the damage from attacks on crypto projects in November amounted to $349 million.

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Editorial GetBlock Magazine

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