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OKX CEO Star Xu has launched a reward of 10 BTC for individuals to present proof regarding an alleged backdoor in the exchange’s DeFi wallet. This update follows the recent introduction of DEX trading for users by the Seychelles-based exchange.
Demonstrate Backdoor Existence, Xu Urges Crypto Community
On November 15, an X account named OKxiaohai asserted that the OKX wallet contained a backdoor permitting malicious actors to access users’ private keys. OKxiaohai, an employee with hardware wallet company OneKey, leveraging previous customer service experience, based this bold claim on an inquiry of past theft victims using OKX wallets.
The tweet stated:
Identify 100 victims whose private keys have been exposed and taken, inquire about what wallet they employed, and you will reach a conclusion: all wallets possess backdoors.
OKxiaohai’s comments initiated various reactions from certain X users, including im23pds, who contradicted the correlation between private key losses and users’ errors, a perspective that the claimant also supported. Meanwhile, another X account named xinchne_eth accused the OneKey staff member of leveraging OKX’s fame for engagement.
In response to the online stir, OKX’s CEO and notable crypto personality Star Xu challenged the claimant and the broader crypto audience to supply proof of the alleged backdoor in exchange for 10 BTC, valued at $954,320.
Xu stated:
Anyone able to deliver solid evidence confirming the presence of a backdoor in OKX Wallet, our @wallet team will bestow 10 BTC. We welcome OKX Wallet’s millions of global users to collaboratively monitor this.
The exchange’s CEO further emphasized the firm’s dedication to security and transparency, as well as a readiness to accept community examination. Xu’s remarks have generated a multitude of reactions but ultimately reflect trust in the quality of the provided wallet service.
OKX Launches DEX Trading
In additional news, OKX has recently launched a decentralized trading service for users through the CeDeFi program, representing a fusion of centralized and decentralized finance advantages. Remarkably, the crypto exchange rolls out a decentralized trading capability on its exchange mobile application that permits users to trade various DEX tokens on Solana, Base, and the X Layer network.
Through the CeDeFi initiative, OKX aspires to transform the DEX trading experience by providing zero gas fees, no bridging necessities, and a centralized management interface that grants users access to centralized order books while trading decentralized assets.
At the time of reporting, OKX is recognized as the fifth-largest crypto exchange by trading volume, handling approximately $1.5 billion in daily transactions. The Seychelles-based platform boasts 60 million users, with over 5 million utilizing its DeFi wallet service.
Featured image from TNW, chart from Tradingview
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