On Aug. 28, a user reported that his OKEx account was logged in by a German IP and participated in BTC-ETC trading. The hacker sold all the Bitcoins and canceled all the pending orders within one hour.

Such behavior has resulted in a loss of 200 Bitcoins, which worth more than five mln yuan (about 750,000 dollars).

OKEx belongs to OKCoin, which is a major Chinese Bitcoin trading platform founded in 2013.

At the same time, a few other users reported similar attacks. All victims have lost about six hundred Bitcoins in total, worth over 20 mln yuan (about three mln dollars).

Based on the current situation, OKEx has made an announcement.

OKEx claims that the theft was performed by hackers, and it has nothing to do with the platform. The victims were directed to call the police by themselves.

However, since Bitcoin trading was banned in China last month, Chinese police consider Bitcoin trading as a type of pyramid scheme and refuse to take the case.

Consequently, Chinese traders now have to pay more attention to their accounts’ security to avoid unnecessary losses.