OKEx Responds to Bitcoin Theft, Says Exchange is Safe

The news about OKEx accounts being attacked has spread quickly in the last 48 hours and caused heated discussions in China. Consequently, OKEx published an official announcement on Oct. 2. In the announcement, the exchange expresses confidence in its security system, explains the possible causes of the theft, and requires users to improve their security settings.

OKEx states that its security is reliable and it has blocked all withdraw operations done by attackers. However, in order to better protect accounts, users should enable Google authentication. What’s more, OKEx lists several possible causes for the theft and provides suggestions about how to avoid other potential security threats.

The full content and translation of OKEx’s announcement are provided at the bottom of the article.

A little history

Security has been a serious issue since Bitcoin’s birth. For instance, in December 2013, some cyber thieves broke into Sheep Marketplace and stole 96,000 Bitcoins which were worth about $56.4 mln. Because of the very nature of Bitcoin, it can be quite difficult to store safely. This goes for exchanges, too.

Unlike the traditional financial system, there is no third party that can reverse a charge or restore your account balance if you lose Bitcoins or have them stolen. Users are responsible for their own security. Bitcoin holders without professional knowledge about cryptocurrency should choose a reliable platform to save and trade their Bitcoins and other cryptocurrencies.

Secondly, Bitcoin holders with a large number of Bitcoins should be more vigilant about not only their accounts’ security but also their personal computers’ security. They should install the latest antivirus software and change passwords regularly. Last but not the least, Bitcoin holders should encrypt their accounts to improve the security of accounts.

Full text of OKEx announcement

Below is the full text of the announcement:

Several reminders about improving OKEx accounts’ security

Dear OKEx Users:

Lately, we have noticed some unusual login activities of a few OKEx accounts. With our security system, all withdraw operations failed. However, attackers still caused some losses by randomly operating.

Several reasons might cause unusual login activities:

  1. Password is inappropriately kept or is too simple;

  2. Personal computer is infected with the virus, or the account is logged in on public computers;

  3. The user uses the same password on different websites and password is leaked on another website.

Users can improve security settings to ensure accounts’ safety:

  1. Use Google authentication, and turn on secondary verification:

How to use Google authentication:

1)    Download the APP: search and download Google Authenticator in APP Store with your phones;

2)   Use Google authentication: Google Authenticator will generate PINs based on time information. Please make sure time information is accurate on your phones. Select “My Account” – “Security Center” – “Set Google Authentication” – “Setting” by the sequence in OKEx website, the platform will generate a QR code. Open Google Authenticator APP and select “Accounts Settings” – “Scan QR code.” You will get a six-digit verification code. Fill in code in OKEx to finish setting.

  1. Change password regularly and try to avoid using the old passwords. Do not use the same password for different websites.

  2. Improve security awareness. Do not login accounts on public computers. Download and install the latest antivirus software to avoid personal computers being infected with the virus.

  3. Use the trading PIN to prevent random trading behaviors.

OKEx has a strong security system, but it requires users to turn on and enable some services. We strongly recommend users to activate those services following our instructions above to ensure your accounts’ security.

OKEX Technology Company Limited

September 30, 2017

OKEx’s announcement in Chinese:

https://support.okex.com/hc/zh-cn/articles/115001833312-