OKX CEO Challenges Community to Prove Backdoor Claims

In a bold move, Star Xu, the CEO of OKX, has announced a reward of 10 Bitcoin for anyone who can substantiate claims of a backdoor in the exchange’s DeFi wallet. This follows the recent launch of their decentralized exchange (DEX) trading platform, aiming to enhance security and transparency.

On November 15, an account on X, under the username OKxiaohai, alleged that the OKX wallet contains a backdoor that could potentially allow unauthorized access to users’ private keys. OKxiaohai, associated with hardware wallet company OneKey, based these claims on a survey conducted among former victims who reported losses while using OKX wallets.

The tweet suggested that a pattern existed among 100 victims whose private keys were compromised, implicating a backdoor in all wallets. This statement incited varied reactions from the crypto community. While some, like user im23pds, attributed these losses to user errors, others accused OKxiaohai of leveraging OKX’s reputation for engagement.

Star Xu responded by issuing a challenge to the crypto community: provide concrete proof of a backdoor, and receive 10 BTC as a reward. He emphasized OKX’s dedication to maintaining the security and integrity of its services, inviting global users to participate in this transparency effort.

Introduction of DEX Trading by OKX

In a significant advancement, OKX has launched a decentralized trading service through its CeDeFi program, blending the best of centralized and decentralized finance. This new feature, accessible via the exchange’s mobile app, enables users to trade various DEX tokens across platforms like Solana, Base, and the X Layer network.

The CeDeFi initiative by OKX is designed to revolutionize the DEX trading landscape by offering benefits like zero gas fees, eliminating the need for bridging, and providing a centralized management interface. This allows traders to access centralized order books while dealing with decentralized assets.

Currently, OKX stands as the fifth-largest cryptocurrency exchange worldwide by trading volume, handling approximately $1.5 billion in daily transactions. The Seychelles-based exchange boasts a user base of 60 million, with over 5 million utilizing its DeFi wallet service.