In the wake of multiple security controversies, cryptocurrency exchange OKX has seen a significant surge in withdrawals, with $204 million withdrawn in the past 24 hours and $630 million in the past week. This surpasses outflows from other prominent exchanges.

On June 9, two OKX users lost a significant amount of funds due to a vulnerability in the exchange's two-factor authentication (2FA) security system. Despite users binding their accounts to Google Authenticator for higher security, OKX allows customers to switch to lower security verification methods during sensitive operations.

Security analysts at Dilation Effect identified this vulnerability, stating that the 24-hour withdrawal ban risk control measures are not triggered during sensitive operations such as disabling phone verification or changing the login password. They also noted that withdrawals to whitelisted addresses do not undergo dynamic verification based on withdrawal amounts, unlike other exchanges.

In response to these incidents, OKX has initiated an investigation and urged its clients to enable two-factor authentication to enhance security. Despite these efforts, the recurring security issue has resulted in a wave of withdrawals as users seek safer alternatives.