OKX CEO Offers 10 BTC Bounty for Proof of Wallet Backdoor After User Alleges 50 ETH Theft

• Why Is OKX Offering a 10 BTC Bounty?
• How Serious Is the Threat of Crypto Wallet Hacks?
• What Are the Latest Trends in Crypto Scams?
• How Is the Industry Fighting Back?
• What Should Users Do to Protect Their Assets?
• FAQs

In a bold move to address security concerns, OKX CEO Star Xu has announced a 10 BTC bounty for anyone who can provide concrete evidence of a backdoor in the OKX wallet. This comes after a user claimed to have lost 50 ETH due to a suspected vulnerability. The offer underscores OKX's commitment to transparency and security in the crypto space, amid rising incidents of wallet hacks and phishing attacks. Below, we dive into the details, analyze broader trends in crypto theft, and explore how the industry is responding.

Why Is OKX Offering a 10 BTC Bounty?

Star Xu, CEO of OKX, is putting his money where his mouth is. After a user alleged that 50 ETH was stolen from their OKX wallet, Xu publicly challenged the crypto community to scrutinize the platform’s security. The 10 BTC reward (worth roughly $350,000 as of November 2025) is a high-stakes invitation for ethical hackers and security experts to uncover any potential backdoors. Xu emphasized that OKX prioritizes "security and transparency above all else," but the bounty also serves as a marketing tactic—proving the platform’s confidence in its infrastructure.

How Serious Is the Threat of Crypto Wallet Hacks?

The OKX incident isn’t isolated. Chainalysis reports that crypto theft in 2025 has already surpassed $2.2 billion, with 25% targeting user wallets directly. Compare that to 2024’s $40.9 billion in illicit crypto transactions (down from previous years, but still alarming), and it’s clear that hackers are refining their strategies. Phishing scams, malware, and social engineering remain top threats. For example, earlier this year, a malicious driver for a Chinese printer brand, Procolored, siphoned 9.3 BTC from unsuspecting users. The takeaway? Even hardware-linked software isn’t immune.

What Are the Latest Trends in Crypto Scams?

Scammers are getting creative. In April 2025, phishing attacks drained $5.29 million from crypto users—a 17% drop from March but with 26% more victims (7,565 wallets). One investor lost $1.43 million in a single month to phishing signatures. Meanwhile, AI tools like ChatGPT have inadvertently aided hackers; one developer lost $2,500 after using a compromised API LINK to build a token on Pump.fun. The lesson? Always verify third-party tools—even those powered by "smart" AI.

How Is the Industry Fighting Back?

Beyond bounties like OKX’s, exchanges are doubling down on security. BTCC, for instance, has integrated multi-signature wallets and real-time anomaly detection. Regulatory pressure is also mounting: the SEC’s 2025 guidelines mandate stricter KYC for wallet providers. But as Chainalysis notes, illicit crypto addresses are projected to grow post-2025, meaning the arms race between hackers and defenders is far from over.

What Should Users Do to Protect Their Assets?

First, enable two-factor authentication (2FA) everywhere. Second, treat unsolicited DMs like poison—ScamSniffer found that 80% of phishing starts with a "Hey, I’m from support!" message. Third, cold wallets (like Ledger or Trezor) are safer than hot wallets for long-term storage. And remember: if an offer seems too good to be true (looking at you, "double your BTC" scams), it probably is.

FAQs

How long will OKX’s 10 BTC bounty last?

Star Xu hasn’t set an expiration date. The offer stands until someone provides verifiable proof of a backdoor.

Which wallets are most vulnerable to attacks?

Hot wallets connected to exchanges face higher risks. Chainalysis data shows decentralized wallets (e.g., MetaMask) are also frequent targets due to phishing.

Has BTCC faced similar security issues?

BTCC has reported zero successful hacks in 2025, attributing this to its "paranoid-level" encryption and 24/7 monitoring.