Hackers have successfully stolen funds from OKX users in a SIM swap attack, as reported by Jimmy Aki on June 10, 2024. Two users were targeted in this incident, resulting in the loss of an undisclosed sum of money. The hackers used a deceptive SMS notification that appeared to be from the exchange to carry out the theft.
This recent attack follows a previous deepfake incident on OKX, where cybercriminals utilized AI videos to bypass the exchange’s security measures. Blockchain security firm SlowMist’s founder, Yu Xian, revealed that the SIM swap hack involved a sophisticated SMS attack. The attackers tricked the victims into creating new API keys with withdrawal and trading permissions by sending a fake notification from Hong Kong.
Xian noted that the methods used in both the deepfake incident and the SIM swap hack were strikingly similar, suggesting that they may have been orchestrated by the same individuals. Initially, the OKX SIM swap hack was suspected to involve cross-trading intentions, but this method has been ruled out.
OKX released a detailed update confirming the breach, stating that they are investigating the situation and will take responsibility if the platform is found to be at fault. The specifics of the attack and how the hackers gained access to the exchange’s authentication systems remain unclear at this time.
The crypto community speculates that the theft may be a result of a SIM swap breach, where a hacker tricks a mobile carrier into transferring a user’s phone number to a new SIM card under their control. This allows them to intercept sensitive information like two-factor authentication codes, potentially granting them unauthorized access to online accounts.
OKX, the third largest cryptocurrency exchange by trading volume, has faced security challenges in the past. Despite being a popular platform with millions of users and thousands of digital assets, it has struggled to fend off malicious actors. Previous incidents, such as the deepfake scam that resulted in a $2 million loss for an OKX user, highlight the importance of strengthening security measures to protect customers’ assets.
