Several OKEx and OKCoin users reported that their accounts were stolen, with losses ranging from tens of thousands to millions.

According to preliminary statistics, nearly ten users have reported losses totaling around 600 Bitcoins, worth approximately RMB 20 million.

On the morning of September 28, Wang’s account on the OKEx trading platform was logged in by a German IP address, and he participated in the newly launched Bitcoin-Ethereum Classic (BTC-ETC) transaction, liquidating all positions and canceling pending orders.

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The illegal intruder consumed all the Bitcoins in the account within an hour.

The account originally had 200 Bitcoins, and the estimated loss was more than 5 million yuan.

According to reports, there are currently nine victims in the group, and the number continues to increase. According to incomplete statistics, the amount involved in the case is more than 10 million yuan.

Users suspect that the OK platform has been compromised, or that an employee of an exchange that has closed the platform has leaked the account information of platform users to hackers. Hackers use user information to crack account passwords to log into the platform, and then complete digital asset transfers on the platform.

OKEx is a digital asset contract service trading platform based on the well-known domestic virtual currency trading platform OKCoin International Station. It can conduct currency-to-crypto transactions and leveraged virtual currency futures transactions.

OKEx enables free conversion between digital assets in its two functions of margin trading and hedging. Users can directly exchange Bitcoin for the same amount of Litecoin and ETH.

In early 2014, OKEx received a US$10 million Series A investment from China's famous venture capital fund Ceyuan Ventures and Longling Investment, the founder of Hong Kong-listed company Meitu (01357.HK).

Public information shows that OKCoin International Station claims to be permanently separated from OKEx accounts. The two platforms conduct deposits and withdrawals independently, but users can still log in to the OKEx website directly using OKCoin International Station accounts.

According to the screenshot given by Wang, the German IP address starting with 95 is the illegal login.

Wang said that he had registered an account on OKEx for Bitcoin futures trading in 2016 and logged in almost every day. On the evening of the 28th, he found an abnormality when logging into the account. The account holdings and 200 Bitcoins disappeared out of thin air. The last location he logged in was Japan.

Lawyer Liu Chaoqun, director of the Internet Finance Business Department of Shandong Tianju Law Firm, who is responsible for the case, said that in addition to OKEx, OKCoin has also been stolen.

According to a notice issued by five ministries and commissions including the People's Bank of China in 2013 on preventing Bitcoin risks, Bitcoin is a virtual commodity that can be freely bought and sold.

The biggest question about the platform at present is that in a short period of time, a large number of users have had their accounts hacked using similar means.

On September 1, a user stated that there were only 125 Litecoins left out of 468 in his OKCoin account, which was 343 less.

The user said that transferring money from OKCoin contract accounts to spot accounts does not require any password or verification. The coin-to-coin transactions developed have no depth at all and are easy to be exploited by hackers. OKCoin does not provide corresponding protection.

Another user's 30 BCC tokens stored in OKEx were transferred to OKCoin on September 16. The account was hacked again on September 23, with multiple purchases and sales between Bitcoin, Litecoin, Ethereum and RMB.

30 BCC and 27 Bitcoins were used up, nearly a thousand transactions were made in two hours, and the abnormal IP had Russian and Dutch addresses.

"If virtual currency assets are to be converted into legal currency for withdrawal, the account requires real-name authentication, so the profits need to be withdrawn one by one through knock-on or liquidation." Liu Chaoqun believes that several problems with the OKEx platform include: Daily currency transactions

There was basically no trading volume, and the trading volume suddenly surged hundreds of times, and the platform did not do any risk control; there was no email or SMS verification for remote logins; after being reminded of remote logins, I contacted the platform immediately, but the platform did not respond immediately; profit-making accounts

The currency withdrawal speed is obviously abnormal and much higher than the normal speed.