Chinese bitcoin exchange denies hacking rumours

Monday 9 October 2017 08:39 CET | News

OKex, a cryptocurrency exchange owned by OKcoin, acknowledge that several users have experienced ‘abnormal logins’ to their accounts, but denied hacking rumours. 

According to HackRead, several OKex users may have been the victims of hacking attacks. One user reported that someone logged into their account using a Germany-based IP back in August 2017 and sold all the user’s bitcoins and cancelled all pending orders. 

Other OKex users have reported similar unauthorized sales of their Bitcoins since then. In total, theyve lost 600 Bitcoins, which is currently worth about US $2.5 million.

In spite of this, OKex and OKcoin have refused to take responsibility for the breaches, claiming that it was the user’s fault. In a statement, the companies said that the hacks occurred because users used passwords that were too simple, didnt store their passwords securely, logged into their account using a malware-infected computer, or reused the password for another web service that might have suffered a breach.

Because the company refuses to acknowledge liability, users may not be able to recover their lost funds. Furthermore, the Peoples Bank of China declared initial coin offerings illegal in the beginning of September 2017, which means that users cannot go to the authorities. 

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Keywords: Bitcoin, hacking, Bitcoin Exchange, China, OKex, OKCoin
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies