OKex Bitcoin Exchange Denies Hacking Rumors, Advises Users to Increase Security

Chinese Bitcoin exchange OKex denies rumours that it was hacked and urges users to follow stricter security protocols to protect their coins.

HongKong-based Bitcoin exchange OKex has issued an official statement denying rumors about the exchange being hacked, but conceding that they did experience several cases of abnormal login attempts over the past few months.

OKex operates as a part of the Chinese Bitcoin company OKcoin, and there have been several reports of the exchange getting hacked as users noticed unauthorized account activity in August.

It is being claimed that affected users have lost over 600 Bitcoins due to their accounts being hacked, but there is no official word on the figure, which is estimated to be about $2.5 million.

According to the Director of Financial Market at Okex and OKcoin, the exchange was not hacked but ‘several users got their passwords stolen’.

The exchange also posted instructions on their support page for users to beef up security:

The translated version of the support page reads:

Users can improve the security settings to ensure that the account can not be abnormal login:

1. Bind Google Verification and turn on logon secondary verification to improve your account's security.

2. Regularly modify and remember the login password, try to avoid using the password has been used, do not use the same password on different sites.

3. To improve security awareness, not in the public computer login account; personal computer to install the latest anti-virus software, to avoid infection caused by Trojan virus.

4. When you order a transaction, open the transaction password and avoid dealing with others.

OKEx has a strong security system, but the need for users to open and use the relevant settings, we strongly recommend that users follow the above tips to open the relevant settings to ensure that the account security.

Users on Bitcoin exchanges are always advised to utilize 2-step verification offered by the Google Authenticator app. The security measure is very simple to implement and can prevent unauthorized access to user accounts.

Bitcoin exchanges getting hacked is nothing new, whether it is Mt. Gox, Bitstamp or BitFinex, there are several instances of how the world’s leading exchanges had security lapses that cost users hundreds of millions.

As the crypto market develops, we are noticing an increased need for crypto-literacy measures, something that was also recently supported by Alexander Treshchev, the founder of the Russian Association of Cryptocurrency and Blockchain.