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OKX Users Fell In Scammers’ Trap, Collective Loss of $5 Million

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Despite the fact that AI developers are focusing on the development of positive use cases, scammers are utilizing AI deep fakes to fool genuine crypto users. There are such cases reported in the industry at short intervals.

Although regulators and AI developers are imposing security measures to reduce these cases, scammers do find ways to loot users in the industry.

One such case was recently reported, in which an OKX user disclosed that he lost more than $2 Million worth of assets through a letter to Wublockchain.

Details and Execution of the loss

Wu Blockchain took to his X account to inform his followers about the loss and make them careful. The OKX user disclosed that hackers purchased the victim’s personal information and utilized AI to create deep fake videos. 

The Wu Blockchain admin also asked his followers to be aware of such deep fake videos and personal data leaks.

Hackers used those deep fake videos to change the victim’s passwords and even alter 2FA security features. Personal details were purchased on Telegram and then the user logged into their email account and opted for the forgot password menu to change the password. 

Then, using AI synthesized video, the scammer changed all the information, including the mobile number, email address and Google Authenticator. 

In the last 24 hours, one more such incident was reported where social engineering data was leveraged to create a fake ID and then using AI a fake head portrait video was generated to deceive the manual review of OKX and restore all the verification information to steal the funds. The amount stolen in this transaction is reported to be around $3 Million.

Such transactions would lead to the leakage of a lot of information, including KYC information, account IDs, email and others. Such information can be misused in other places as well.

Response from OKX

Till the time of writing, OKX did not react, perform any crisis management measures, or impose any to safeguard its users’ interests and funds. However, it is expected to be done soon.

Furthermore, OKX, SlowMist and other parties that were affected and involved did not confirm the loss either. The Wu blockchain and the reporter of the second stealing case, however, requested OKX pay attention to these cases and increase the security cases.

Users are also encouraged to take proper measures to safeguard their personal information. 

The reporter of the second case, BroLeon, was also considering acting poor in public so that scammers do not consider him as a probable target for their stealing activities.

He further requested that all the exchange operators that perform sensitive functions, such as password retrieval and 2FA reset, must be there in addition to KYC. This can include facial recognition, biometric security and manual review, which should not be allowed.

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