According to reports by blockchain security firm SlowMist, OKX DEX, a decentralized exchange aggregator, was the victim of a security breach that resulted in the theft of over $400,000 in crypto.
The exploit was traced back to compromised management rights of a market maker contract, which allowed unauthorized token transfers.
OKX DEX is known for aggregating trading prices from various decentralized exchanges (DEXes) and displaying the best available prices to users.
The attacker took advantage of manipulated management rights within a TokenApprove contract in this case, resulting in unauthorized token transfers.
On December 12th, a security incident occurred, raising concerns about the potential leakage of private keys, which could have allowed the attacker to drain users’ wallets. SlowMist tracked the location of the stolen funds and identified the attacker’s address.
OKX acknowledged the security breach and promised to compensate affected users in response to the exploit. The exchange reassured its users that other assets in its custody were safe.
Furthermore, OKX has committed to improving security measures, particularly on unused smart contracts, in order to prevent future incidents.
This incident highlights the ongoing security challenges of DeFi transactions, emphasizing the importance of constant vigilance and robust security protocols. OKX’s native asset, OKB, was unaffected by the breach.
