Over $400,000 stolen from OKX DEX in a security breach, as OKX promises to compensate affected users and strengthen defenses.
OKX DEX recently got exploited with over $400,000 stolen from the decentralized exchange aggregator, as reported by blockchain security firm SlowMist.
The theft was reportedly due to compromised management rights of a market maker contract, allowing the exploiter to perform unauthorized token transfers.
OKX DEX combines trading prices from various DEXes and suggests the best price to users. A TokenApprove contract is used for sending tokens, and this was manipulated by the attacker.
The attack happened on December 12th, some think this could be due to leaked private keys, allowing the attacker to empty users’ wallets.
SlowMist identified the attacker's address and the location of the stolen funds.
OKX admitted to the exploit and has announced its intention to compensate affected users. The exchange further assured that other assets in their custody are safe and they will work on increasing their security on unused smart contracts.
The incident is a reminder of the security risks in decentralized finance (DeFi) transactions. Despite the exploit, OKX's native asset, OKB, was not affected.
