As a crypto investor who has gone through my fair share of ups and downs in this space, I can’t help but feel a sense of unease upon reading about yet another large-scale cryptocurrency theft. In this case, the victim, Lai Japanese Fang Chang, lost over $2 million worth of crypto assets after his OKX account was taken over by scammers.
Crooks have swindled 2 million dollars’ worth of cryptocurrency belongings from a client at the digital currency platform OKX.
Based on WuBlock’s report, it is claimed that the attackers obtained Lai Japanese Fang Chang’s identity information through unauthorized means, which is believed to have originated from a data breach on Telegram.
With the information they obtained from Chang’s sensitive details, the scammers managed to gain access to his OKX account. Subsequently, they regained control over the account by utilizing the “forgotten password” feature.
The malicious individuals took on Chang’s persona, subsequently modifying all his security configurations. They went the extra mile by creating a deepfake video and utilized it to manipulate his email address, phone number, and Google authenticator settings.
In the 24-hour period after being notified of the change, the user’s account experienced a loss of more than $2 million in value from its crypto holdings.
As a researcher, I’ve come across Wu’s findings where OKX acknowledged the theft of a user’s account. They are now assisting in the recovery process.
Reportedly, the firm has also taken legal action against the attackers.
As a crypto investor, I can’t help but remember a past incident that occurred to an OKX wallet user. They unfortunately fell victim to an attack and ended up losing a substantial amount – specifically, 50,000 Trc-20 USDT.
Recently, a friend of mine was hacked while using the OKX wallet, with 50,000 USDT (TRC20 on Binance Smart Chain) stolen. According to the security expert my friend consulted, the hacker manipulated page hijacking to replace the “supply GAS” button in the OKX wallet interface with a “update BSC account owner permissions” button, which went unnoticed by the user and allowed the hacker to steal authorization, ultimately controlling the victim’s BSC account and draining the funds.
— NingNing (🌿,👻) (@0xNing0x) June 4, 2024
Prior to the attacks, there was a reported exploit of $430,000 on OKX Decentralized Exchange (DEX). At that time, it was disclosed by security company SlowMist that they suspected the private key of the OKX DEX proxy admin owner had been compromised.
As a researcher studying cybersecurity incidents, I would describe it this way: The protocol leak granted unauthorized access to hackers, enabling them to manipulate its functions maliciously. Consequently, they were able to siphon funds from users who had previously granted permission for the protocol to engage with their digital wallets.
OKX had to revoke contract permissions to prevent further damage.
Centralized cryptocurrency exchanges have been a common target for attackers.
Last week, Japanese cryptocurrency exchange DMM Bitcoin suffered a cyberattack resulting in a loss of approximately $305 million. Previously, Estonian crypto exchange CoinsPaid experienced a hack that cost them over $7 million.
As AI technology advances, hackers gain access to a formidable new tool. They are utilizing deepfake videos to deceive investors and manipulate financial markets.
As such, there have been industry-wide concerns over the ethical implications of AI use.
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2024-06-04 13:02