OKX Wallet Faces Backdoor Claims, Offers 10 BTC Bounty

OKX Wallet is facing allegations of a potential backdoor that could compromise user private keys and funds. The claims originated from an employee at OneKey, a security firm specializing in hardware wallets, who indicated the issue may be widespread across the industry.

Founder Star Xu has dismissed the allegations, but has opened the wallet’s code for security researchers to investigate. Xu stated, “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.”

Xu emphasized that the OKX ecosystem, including the OKX Wallet, incorporates multiple security layers, including Google and OKX authentication, to protect user interfaces. The wallet operates under a CeDeFi model, enabling seamless access to Web3 and DeFi applications through the exchange.

To enhance transparency, OKX has released open-source repositories for researchers to scrutinize the code. The platform has also faced separate allegations regarding scams within its X Layer ecosystem, with claims of reluctance to address perceived rug pulls and protect Total Locked Value (TVL).

OKX has not yet responded to these allegations. The platform has experienced various customer-related issues throughout the year, including account freezes and concerns regarding the transparency of its OKB token buybacks.

Despite these challenges, OKX maintains a 10/10 rating on CoinGecko and held $35 billion in assets as of October, with significant holdings in Bitcoin (BTC), Ripple (XRP), and USDT.

At press time, OKB was trading at $115, a 55% decrease reflecting broader market weakness. A potential recovery hinges on the token regaining support in the $120 region.

Source: ambcrypto.com

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.