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Chinese Trading Platform OKEx targeted by hackers

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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During the last couple of years, numerous Bitcoin exchanges and user accounts have been targeted by hackers, looking for some free cash. While the market has been hit by several attacks over the years, many of which left deep wounds in the digital currency community, the case of a few recent OKCoin hacks have been raising questions.

Recent reports state that a couple of weeks ago, a user of the OKEx trading platform stated that a German IP logged into his trading account, and went ahead to participate in Bitcoin-Ethereum Classic trading. Afterwards, reports indicate that the hacker in question went ahead and sold all Bitcoin, right after cancelling the pending orders.

The behavior in question then resulted in a loss of roughly 200 Bitcoin, valued at approximately $750,000.

At the same time, a couple more users went ahead and reported that similar behavior was seen on their very own accounts, after being hacked. So far, it seems that around 600 Bitcoin were lost during the attacks, which would sum up to roughly 3 million USD.

Because of the current situation, OKEx, which is a subsidiary of OKCoin went ahead and issued a press release, stating that the attacks have nothing to do with the actual security of the platform. This leads us to believe that it rather is the fault of the users, who did not take their security seriously enough. Further reports indicate that the platform directed the affected users to get in touch with the authorities.

However, there is an issue here. Most of the users were based in China, therefore, since Bitcoin trading has been banned in China around a month ago, the authorities now consider that Bitcoin trading is a form of pyramid scheme, which couldn’t steer further away from the truth. Because of this aspect, it is likely that the police will continue to refuse to do anything about the hacks in question.

Based on everything that has been outlined so far, a warning to Chinese traders from all around the world would be to make sure that their accounts are well-secured and that no gaps are left unfilled. What do you personally think about the recent attacks and the attitude of the police? Let us know your thoughts in the comment section below.

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