Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
OKX CEO Star Xu has offered a bounty of 10 BTC for users to provide evidence on an alleged backdoor in the exchange’s DeFi wallet. This development comes after the Seychelles-based exchange recently launched DEX trading for users.
Prove Backdoor Existence, Xu Tells Crypto Community
On November 15, an X account with the username OKxiaohai claimed that the OKX wallet featured a backdoor that allowed bad actors to steal users’ private keys. OKxiaohai, an employee at hardware wallet firm OneKey, with previous experience in customer service, hinged this audacious allegation on a survey of former heist victims with OKX wallets.
The tweet read:
Find 100 victims whose private keys have been leaked and stolen, ask them what wallet they used, and you will come to a conclusion: all wallets have backdoors.
OKxiaohai’s statement drew several reactions from certain X users, such as im23pds, who disagreed with linking the loss of private keys to users’ personal mistakes, a view the claimant also agreed with. Meanwhile, another X account with the username xinchne_eth accused the OneKey employee of driving engagement using OKX’s popularity.
In reaction to the online buzz, OKX’s CEO and prominent crypto figure Star Xu challenged the claimant and the general crypto community to provide proof of the supposed backdoor in exchange for 10 BTC, worth $954,320.
Xu said:
Anyone who can provide solid evidence proving the existence of a backdoor in OKX Wallet, our @wallet team will reward 10 BTC. We invite OKX Wallet’s tens of millions of global users to jointly monitor this.
The exchange’s CEO also reiterated the company’s commitment to security and transparency and a willingness to embrace community scrutiny. Xu’s statement has sparked a plethora of reactions but ultimately indicates confidence in the quality of the offered wallet service.
OKX Commences DEX Trading
In other news, OKX has recently introduced a decentralized trading service for users via the CeDeFi program, marking an integration of the benefits of centralized and decentralized finance experience. Notably, the crypto exchange launches a decentralized trading feature on its exchange mobile app that allows users to swap several DEX tokens on Solana, Base, and the X Layer network.
Through the CeDeFi program, OKX aims to reinvent the DEX trading experience by offering zero gas fees, no bridging requirements, and a centralized management interface that gives users access to centralized order books while trading decentralized assets.
At press time, OKX ranks as the fifth-largest crypto exchange by trading volume, processing roughly $1.5 billion in daily trades. The Seychelles-based platform reports 60 million users, with more than 5 million using its DeFi wallet service.
Featured image from TNW, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.