The decentralized exchange (DEX) of cryptocurrency exchange OKX, known as OKX DEX, experienced a hack resulting in a loss of $2.7 million. The hack occurred after the private key of the proxy admin owner was leaked. The issue began on December 12, 2023, when the proxy admin owner upgraded the DEX proxy contract. Users began stealing tokens, and the attack continued even after the contract was upgraded again. SlowMist Zone, a blockchain security firm, suspected that the leaked private key was the cause of the attack. The DEX Proxy was subsequently removed from the platform’s trusted list.

Scopescan, an on-chain analysis firm, confirmed the attack and reported that an old “abandoned” contract was targeted but has since been located and stopped. OKX DEX assured users that any losses resulting from the hack would be fully borne by the exchange. The total loss from the attack was estimated to be around $2.7 million worth of various cryptocurrencies.

This incident serves as a reminder that decentralization does not guarantee the safety of assets. Despite the popularity of decentralized exchanges, they are still susceptible to hacks and users should exercise caution. Prior to this hack, the cryptocurrency industry had already suffered losses of $1.5 billion in 2023 due to hacks, exploits, and scams.

It is crucial for users to be vigilant and take necessary precautions, such as revoking allowances, to protect their assets in the crypto space.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	Eugene Ng
Companies	Scopescan, Poloniex, OKX, SlowMist Zone, PeckShield
Currencies	OKX Staked DOT2, xExchange, Pundi X, Ethereum, Million
Securities	None