OKX CEO Offers 10 BTC Bounty for Proof of Backdoor in Wallet After User Reports 50 ETH Theft

• Why Did OKX’s CEO Offer a 10 BTC Bounty?
• How Severe Is the Crypto Theft Problem in 2025?
• What Are the Latest Crypto Security Threats?
• Can AI Be Trusted for Crypto Security?
• How Can Users Protect Their Crypto Assets?
• FAQs

In a bold move to address security concerns, OKX CEO Star Xu has announced a 10 BTC bounty for anyone who can provide irrefutable evidence of a backdoor in the company’s wallet. This comes after a user alleged the theft of 50 ETH. The offer underscores the growing importance of digital wallet security as crypto thefts surge globally. Meanwhile, Chainalysis reports that illicit crypto activities are becoming more sophisticated, with thefts already surpassing $2.2 billion in 2025. From malware attacks to phishing scams, the crypto landscape remains a high-stakes battleground.

Why Did OKX’s CEO Offer a 10 BTC Bounty?

Following a user’s complaint about a suspected 50 ETH theft, Star Xu, CEO of OKX, took to social media to challenge the crypto community. He pledged 10 BTC (worth roughly $350,000 as of November 2025) to anyone who can prove the existence of a backdoor in OKX’s wallet system. Xu emphasized that security and transparency are non-negotiable for the platform, inviting experts worldwide to scrutinize its infrastructure. The bounty has no expiration date, remaining open until concrete evidence is presented.

How Severe Is the Crypto Theft Problem in 2025?

According to Chainalysis, crypto thefts have already exceeded $2.2 billion this year, outpacing 2024’s total. About 25% of these thefts targeted individual wallets, highlighting the vulnerability of retail investors. The rise in illicit activities coincides with crypto’s mainstream adoption, as bad actors exploit both on-chain and off-chain loopholes. For instance, some criminals now use blockchain primarily for money laundering while operating offline. Chainalysis predicts the number of illicit crypto addresses will grow significantly starting in 2025.

What Are the Latest Crypto Security Threats?

Malware and phishing remain top concerns. Earlier this year, security experts uncovered malware embedded in a driver for Procolored printers, which stole 9.3 BTC. The compromised driver was distributed via USB and the company’s servers—though it’s unclear whether Procolored was complicit or hacked by a third party. Separately, ScamSniffer reported that phishing scams drained $5.29 million from crypto users in April 2025 alone, with 7,565 addresses affected—a 26% increase from March. One investor lost $1.43 million by signing fraudulent transactions.

Can AI Be Trusted for Crypto Security?

Not always. A Cryptopolitan report revealed that ChatGPT inadvertently provided a corrupted API LINK to a developer building a crypto management app, resulting in a $2,500 loss. The anti-intrusion system requested the wallet’s private key and drained its funds immediately. This incident serves as a reminder that AI tools, while powerful, aren’t foolproof in Web3 security.

How Can Users Protect Their Crypto Assets?

The BTCC team recommends:

• Using hardware wallets for large holdings.
• Verifying all API links and smart contracts manually.
• Avoiding clicking on suspicious links, even from seemingly trusted sources.
• Monitoring wallet activity regularly for unauthorized transactions.

This article does not constitute investment advice.

FAQs

What triggered OKX’s 10 BTC bounty offer?

Star Xu announced the bounty after a user reported a 50 ETH theft, aiming to disprove claims of a backdoor in OKX’s wallet.

How much have crypto thefts totaled in 2025?

Chainalysis estimates $2.2 billion so far, with individual wallets accounting for 25% of losses.

Are hardware wallets safer than software wallets?

Yes, hardware wallets (cold storage) are generally more secure as they’re offline and less vulnerable to hacking.