🚀Hey BTC enthusiasts! OKX, a prominent cryptocurrency exchange, is seeing a significant outflow of funds, with a whopping $204 million withdrawn in just 24 hours and $630 million in the past week! 📉

This surge in withdrawals is linked to multiple security controversies that have possibly shaken user confidence. On June 9, two OKX users lost a substantial amount of funds due to a suspected SIM-swapping attack, exposing a vulnerability in the exchange's two-factor authentication (2FA) security system. 😱

Security analysts at Dilation Effect found that OKX allows users to switch to lower security verification methods during sensitive operations, bypassing Google Authenticator verification. This loophole has raised eyebrows, as it doesn't trigger the 24-hour withdrawal ban risk control measures. 🕵️‍♂️

Moreover, once an address is whitelisted, it allows unlimited withdrawals within the limit without additional verification, unlike other exchanges. This lack of stringent security measures has been criticized, with some saying that OKX’s security settings lack a baseline design. 😕

In response to these incidents, OKX has initiated an investigation and reached out to affected users. The exchange also urged its clients to enable two-factor authentication to enhance security. However, these recurring security issues have led to a wave of withdrawals as users seek safer alternatives. 🕊️

Stay tuned for more updates and keep your crypto safe, folks! 🚀🔒