OKX DEX loses $2.7 million due to hack following proxy contract upgrade

After upgrading to a new implementation contract, the proxy administrator hacked OKX DEX for $2.7 million.

Hackers stole WETH, USDC, USDT, ELON, BTT, SHIB, and other cryptocurrencies from DEX using its private keys.

To prevent capital losses, PeckShield has publicly recommended that X cancel all smart contract approvals on OKX’s decentralized exchange.

Even though the money has been located and is in the hands of specialists, the hacker’s identity remains a mystery. OKX DEX, a decentralized cryptocurrency exchange, was hacked last night, losing $2.7 million.

OKX DEX, a decentralized cryptocurrency exchange, was hacked last night, losing $2.7 million. The official Chinese profile of the platform posted on X this morning that the situation was triggered by the loss of management powers of an abandoned market maker DEX.

The hack occurred when the DEX proxy administrator updated a new implementation contract. Given its obvious role in the situation, the exchange will compensate for any damages sustained by users. OKX Chinese reports a $370,000 loss, whereas PeckShield estimates a $2.7 million theft.

The latter advised OKX DEX users to revoke permission for any protocol smart contract to prevent future harm.

Enter your cryptographic address in the search field at “Revoke.cash” to revoke a contract and remove hackable rights.

One of the key addresses involved in the attack took 799 WETH, 475,000 USDC, and 142,000 USDT from the DEX and distributed them to four accounts, according to PeckShield.

Another address may have directly claimed 425,000 USD in tokens, including ELON, BTT, SHIB, PEPE, SIDUS, AGRS, FROGE, and others, via the DEX proxy contract.

Since the address lacks money to pay for network gas, the hacker must transfer some ETH to it before selling these coins. It will be fascinating to observe who finances the gas charge wallet and where these tokens go.

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