A private key compromise allowed the attacker to transfer unauthorized tokens.
OKX admitted to the exploit and said it would compensate victims.
Crypto funds worth more than $400,000 were stolen from OKX DEX, a decentralized exchange aggregator platform, according to blockchain security firm SlowMist.
Decoding the modus operandi
The exploit was ascribed to a compromise of the management rights of a market maker contract, allowing the attacker to transfer tokens not authorized by the users.
OKX DEX, an offering by popular centralized exchange OKX [OKB], combines the different trading prices through all integrated third-party DEXes and recommends the best trading price to users.
When users want to send tokens, they must approve a TokenApprove contract, which allows the funds to be claimed by the receiver. After this, the claimTokens function of the contract is triggered, which completes the transfer.
However, in the late hours of the 12th of December, a manager of the contract mischievou
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