A Major Exchange Responds to Claims That Cryptocurrencies Were Secretly Stolen from Users’ Wallets

OKX CEO Star Xu made an important statement after a user accused the platform of the theft of 50 ETH.

Xu announced that a 10 BTC reward will be given to anyone who can prove with definitive and verifiable evidence that a “backdoor” exists in OKX Wallet.

Xu argued that security and transparency are the core principles of the OKX ecosystem, telling OKX Wallet users:

“The OKX Wallet team will reward anyone who provides definitive evidence proving the existence of a backdoor in OKX Wallet with 10 BTC. We expect a joint audit by OKX Wallet users worldwide. Security and transparency are our priority; we welcome community review.”

The issue has particularly gained traction among the Chinese-speaking cryptocurrency community. Chinese users claim that OKX's wallet app contains a backdoor mechanism that hackers are using to steal users' assets.

The 10 BTC reward is equivalent to approximately $950,000 at the time of writing.

*This is not investment advice.