OKX CEO Offers 10 BTC Bounty to Prove Wallet Backdoor After User Reports 50 ETH Theft

• Why Is OKX Offering a 10 BTC Bounty?
• How Big Is the Cryptocurrency Theft Problem in 2025?
• What Are the Latest Threats to Crypto Users?
• Can AI Be Trusted for Crypto Security?
• How Can Users Protect Their Crypto Assets?
• What’s Next for Crypto Security?
• FAQs

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. This comes after a user alleged that 50 ETH was stolen from their wallet. Xu emphasized the importance of security and transparency, calling on the global community to scrutinize the platform. Meanwhile, cryptocurrency theft continues to rise, with Chainalysis reporting $2.2 billion in crypto stolen in 2025 alone. Malware and phishing attacks remain significant threats, as seen in recent incidents involving hardware wallets and AI-generated API exploits.

Why Is OKX Offering a 10 BTC Bounty?

OKX CEO Star Xu has taken an unprecedented step by offering a 10 BTC (approximately $370,000 as of November 2025) reward to anyone who can prove the existence of a backdoor in the OKX Wallet. This MOVE follows a user complaint about a 50 ETH theft, prompting Xu to publicly challenge security researchers and ethical hackers to investigate the platform. "Security and transparency are non-negotiable," Xu stated in a tweet, linking to the official bounty announcement. The reward has no expiration date, meaning it stands until someone provides verifiable proof.

How Big Is the Cryptocurrency Theft Problem in 2025?

According to Chainalysis, crypto theft has surged in 2025, with criminals stealing an estimated $2.2 billion—already surpassing 2024’s total of $40.9 billion. About 25% of these thefts targeted private wallets, highlighting the growing risks for individual holders. The rise in theft correlates with increased crypto adoption, as more users enter the space without adequate security knowledge. Chainalysis also predicts that illegal crypto addresses will continue to grow, making robust wallet security more critical than ever.

What Are the Latest Threats to Crypto Users?

Malware and phishing remain top concerns. Earlier this year, security experts uncovered a malicious driver from Chinese printer manufacturer Procolored that stole 9.3 BTC. The tampered driver was distributed via USB sticks, raising questions about supply chain vulnerabilities. Separately, phishing attacks in April 2025 drained $5.29 million from crypto users, with 7,565 addresses affected—a 26% increase from March. One investor lost $1.43 million after signing multiple phishing signatures, underscoring the sophistication of these scams.

Can AI Be Trusted for Crypto Security?

A recent incident involving ChatGPT revealed that AI-generated crypto tools can be risky. A developer lost $2,500 after using a manipulated API LINK provided by ChatGPT to create a token bumper for Pump.fun. The exploit allowed hackers to steal the wallet’s private key, demonstrating that AI is not yet foolproof for Web3 security. "This was a harsh lesson in trusting automated tools blindly," the developer later admitted.

How Can Users Protect Their Crypto Assets?

Experts recommend:

• Using hardware wallets for large holdings.
• Verifying all API links and smart contracts manually.
• Enabling multi-factor authentication (MFA) on all accounts.
• Avoiding clicking on unsolicited links, even from seemingly trusted sources.

BTCC analysts suggest that platforms like OKX’s bounty program are a step in the right direction, as they incentivize white-hat hackers to expose vulnerabilities before criminals exploit them.

What’s Next for Crypto Security?

With thefts escalating, the industry is under pressure to innovate. Proposals include decentralized identity verification and AI-driven anomaly detection. However, as the ChatGPT incident shows, even advanced tech has limitations. For now, user vigilance remains the first line of defense.

FAQs

How long will OKX’s 10 BTC bounty last?

The bounty has no set expiration date and will remain active until someone provides conclusive evidence of a backdoor in the OKX Wallet.

What percentage of crypto thefts target private wallets?

Chainalysis reports that 25% of crypto thefts in 2025 involved private wallets, up from 22% in 2024.

Has AI improved crypto security?

While AI offers tools for threat detection, incidents like the ChatGPT API exploit show it can also introduce risks if not properly audited.