OKX CEO Offers 10 BTC Bounty for Proof of Backdoor in Wallet After User Reports 50 ETH Theft
- Why is OKX CEO Offering a 10 BTC Bounty?
- How Bad is Crypto Theft in 2025?
- What Are the Latest Crypto Scam Tactics?
- Can You Trust AI for Crypto Security?
- How Can Users Protect Their Crypto?
- FAQs About Crypto Wallet Security
OKX CEO Star Xu has put up a 10 BTC bounty for anyone who can provide concrete evidence of a backdoor in the OKX wallet, following a user's claim of losing 50 ETH. The move highlights growing concerns about crypto wallet security as thefts surge globally. Chainalysis reports $2.2 billion in crypto stolen in 2025, with 25% targeting individual wallets. Meanwhile, malware and phishing scams continue to plague users, with losses hitting $1.7 billion this year alone.
Why is OKX CEO Offering a 10 BTC Bounty?
In a bold MOVE to address security concerns, OKX CEO Star Xu announced a 10 BTC (roughly $350,000) reward for verifiable proof of a backdoor in the exchange's wallet system. This comes after a user alleged that 50 ETH ($150,000) was stolen from their OKX wallet. Xu invited the global crypto community to scrutinize OKX's platform, emphasizing transparency and security as top priorities. The bounty program aims to crowdsource security audits and accelerate vulnerability detection. Notably, Xu didn't set an expiration date, leaving the offer open indefinitely until someone provides conclusive evidence.
How Bad is Crypto Theft in 2025?
According to Chainalysis' latest report, crypto theft has reached alarming levels in 2025, with $2.2 billion stolen so far - already surpassing 2024's total. About 25% of these thefts targeted individual wallets, suggesting hackers are shifting focus from exchanges to end-users. While illicit addresses received $40.9 billion in 2024 (down from previous years), new attack vectors are emerging. Some criminals now operate primarily off-chain but use blockchain for money laundering. "We're seeing more sophisticated hybrid attacks," noted a BTCC analyst. "It's not just about hacking wallets anymore - it's about exploiting systemic weaknesses."
What Are the Latest Crypto Scam Tactics?
Cybercriminals are getting creative. Earlier this year, security researchers uncovered malware hidden in printer drivers from Chinese firm Procolored that stole 9.3 BTC. The compromised driver was allegedly distributed via USB before being uploaded to official servers. While Procolored's involvement remains unclear, experts suspect third-party developers inserted the backdoor. This incident highlights risks in outsourced software development - a common practice among hardware manufacturers.
Phishing remains rampant too. ScamSniffer reported $5.29 million stolen in April alone, with 7,565 addresses affected (a 26% increase from March). In one case, a whale lost $1.43 million by signing multiple phishing transactions. "The scary part?" quipped a security expert. "These scams are getting so polished, even savvy users are getting duped."
Can You Trust AI for Crypto Security?
A cautionary tale emerged when a developer lost $2,500 after ChatGPT provided an infected API LINK for a Pump.fun token project. The attacker drained the wallet immediately after connection. "AI tools are amazing but still fallible," warned the victim. This incident underscores the risks of relying solely on AI for Web3 security - a lesson worth remembering as AI integration expands.
How Can Users Protect Their Crypto?
Security experts recommend:
- Using hardware wallets for large holdings
- Enabling multi-factor authentication everywhere
- Verifying all smart contracts before interaction
- Never sharing seed phrases (no, not even with "support staff")
FAQs About Crypto Wallet Security
What prompted OKX's 10 BTC bounty offer?
The bounty was announced after a user reported losing 50 ETH from their OKX wallet, raising concerns about potential backdoors.
How much crypto has been stolen in 2025?
Chainalysis reports $2.2 billion stolen so far in 2025, with individual wallets accounting for 25% of thefts.
What's the most common crypto scam today?
Phishing attacks remain prevalent, though malware-infected software (like printer drivers) is an emerging threat vector.
Is AI reliable for crypto security?
While helpful, AI tools like ChatGPT can inadvertently provide malicious links, as seen in a recent $2,500 theft case.
