Two OKX clients victimized by sophisticated SIM swap attack
Two OKX clients victimized by sophisticated SIM swap attack
In a significant security breach, cryptocurrency exchange OKX reported that two user accounts were compromised through a complex SIM swap attack. This method involves hijacking users' phone numbers to intercept SMS notifications and gain unauthorized access to their accounts.
According to crypto.news, the hackers exploited the SMS risk notifications system to create new API keys, allowing them to withdraw funds and execute trades without the account holders' consent. The attackers targeted users who received risk alerts from Hong Kong, a tactic reminiscent of previous cyber-attacks in the crypto space.
Yu Xian, founder of SlowMist, a blockchain security firm, confirmed the creation of new API keys with withdrawal and trading permissions as part of the attack. OKX’s Chinese branch acknowledged the breach in a June 9 statement, indicating that they are actively investigating the incidents and have reached out to the affected users.
“If it's ultimately determined that the platform is responsible, the platform will take the initiative to bear it. In addition, we will announce the results as soon as the relevant investigation is completed,” OKX’s statement read.
SIM swapping has become a prevalent threat in the cryptocurrency world, as it allows attackers to bypass multi-factor authentication by intercepting one-time passwords sent via SMS. This type of attack has previously affected other major exchanges, highlighting the vulnerabilities associated with SMS-based security measures.
The full extent of the attack remains unclear, and it is yet to be determined how the hackers managed to execute the SIM swap.
This incident underscores the need for stronger security protocols in the crypto industry to protect users from increasingly sophisticated cyber threats.
