In a dramatic turn of events, Star Xu, the CEO of cryptocurrency exchange OKX, has stepped into the spotlight by offering a hefty bounty of 10 BTC to anyone able to substantiate claims surrounding a backdoor in the exchange’s DeFi wallet. This initiative comes soon after the Seychelles-based platform rolled out decentralized exchange (DEX) trading for its users.
Prove Backdoor Existence, Xu Tells Crypto Community
On November 15, an account on social media with the username OKxiaohai asserted that the OKX wallet contained a backdoor that could potentially allow malicious actors to steal users’ private keys. This claim came from OKxiaohai, an individual affiliated with the hardware wallet firm OneKey, who cited a survey of previous victims of theft from 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.
This assertion sparked heated discussions within the community. Some users, like im23pds, disagreed with the notion that the losses were solely attributable to user errors, a sentiment echoed by OKxiaohai. In contrast, another account, xinchne_eth, accused the OneKey employee of leveraging OKX’s fame for engagement.
In response to the growing conversation, Xu challenged the crypto community to provide proof of the alleged backdoor, promising a reward of 10 BTC, equivalent to about $954,320. He remarked:
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.
In addition to addressing the accusations, Xu reaffirmed the exchange’s commitment to security and transparency, indicating confidence in the wallet’s integrity amidst rising scrutiny.
OKX Commences DEX Trading
In related news, OKX has recently introduced a decentralized trading service under its CeDeFi program. This move marks the incorporation of both centralized and decentralized finance features for users, aiming to elevate the trading experience.
Notably, the new decentralized trading feature is available on OKX’s mobile app, enabling users to swap various DEX tokens across networks such as Solana, Base, and the X Layer network.
With the CeDeFi program, OKX seeks to change the traditional DEX trading landscape by offering zero gas fees, eliminating bridging requirements, and providing a centralized management interface that grants users access to centralized order books while trading decentralized assets.
As of now, OKX ranks as the fifth-largest cryptocurrency exchange globally by trading volume, averaging around $1.5 billion in daily trades. The platform has amassed 60 million users, with over 5 million actively utilizing its DeFi wallet service.
