Key Highlights
- An OKX user claims 50 ETH was stolen despite never exposing his private key.
- SlowMist reportedly confirmed a private-key leak, fueling questions about OKX’s internal security.
- The user demands transparency on audits, past incidents, and potential insider abuse, calling it an industry-wide trust crisis.
OKX is facing one of its most serious public security controversies after a longtime user claimed that nearly 50 Ethereum (ETH) was drained from his OKX Wallet, despite saying he never exposed or copied the private key. Subsequently, CEO Star Xu announced a reward of 10 Bitcoin (BTC) to individuals who could provide conclusive evidence that OKX Wallet contains a backdoor.
The response came after the user’s allegation sparked widespread speculation about a potential “backdoor” in the wallet software. In a reply to X post by another user, Xu wrote:
“Anyone who can provide conclusive evidence that OKX Wallet contains a backdoor will receive 10 BTC.” The reward, worth roughly $1 million, is one of the largest security bounties ever offered by a major crypto company.
A theft claim ignites fears
The controversy began when an influential Chinese community member, known as 6哥, posted that his four-year-old OKX Wallet was drained of almost 50 ETH. He insisted that his private key had never been saved digitally, photographed, uploaded, or shared.
Several users echoed similar concerns, citing past incidents and demanding transparency. Within hours, the discussion dominated Asian crypto channels.
OKX denied any wallet backdoor and said its review showed the private key had been imported via copy-paste, a common leak point. The exchange urged the user to check every device or storage location and made itself available.
OKX escalates: “Prove it, and we pay 10 BTC”
As speculation grew, OKX CEO Star Xu issued a high-stakes challenge:
He also encouraged OKX’s “tens of millions of users” worldwide to monitor the situation, signaling that the company is confident no backdoor exists. The move is an attempt to regain narrative control, turning a defensive posture into a public bet on the wallet’s integrity.
The accusation grows
The victim pushed back, saying SlowMist confirmed the incident was caused by a private-key leak, not phishing, copied keys, screenshots, or user mistakes.
He then pressed OKX for answers: Where is the latest security audit? Could an employee have abused internal access? And why were similar thefts from March 2024 never disclosed? Calling the case “a collapse of trust for the entire crypto industry,” he vowed to publish more evidence until OKX provides a full explanation.
Security stakes rise as OKX pushes into U.S. DeFi
Just this week, OKX launched decentralized trading for U.S. users, giving Americans access to tokens across Solana, Base, and its own X Layer network, while promoting self-custody features as a core advantage.
This upgrade followed a $505 million DOJ settlement, making security scrutiny even more acute. As DEX volumes surge, OKX is pushing hard into CeDeFi — but even a hint of a hidden wallet flaw threatens to undercut that entire effort.
What comes next
The community is now watching three fronts: OKX’s promised forensic report, SlowMist’s confirmation of a key leak, and the open 10 BTC bounty that has researchers probing the wallet code for anything resembling a backdoor.
Whether the breach stems from user error, device compromise, malware, or something deeper remains unresolved. What is clear is that OKX’s reputation, and broader confidence in self-custody wallets, is being stress-tested in real time.
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