OKEx undergoes ‘scheduled wallet maintenance’ amid hack rumours

The cryptocurrency exchange claims it has undergone "scheduled wallet maintenance" despite numerous rumours of a malicious hack on social media

Cryptocurrency exchange OKEx has denied rumours of a hack this morning, stating that “scheduled wallet maintenance” is taking place.

Speculation intensified on social media after a ‘Whale Alert’ Twitter account revealed that more than $270 million was sent from the exchange to unknown wallets.

Prominent Bitcoin influencer Richard Heart tweeted: “Rumours that OKEx is hacked. Hundreds of millions?”

However, OKEx’s head of PR, Jennifer Chow, confirmed to Coin Rivet that no hack has taken place.

Chow said: “Regarding the rumour, it is a regular wallet maintenance which will happen every couple of weeks.”

Jay Hao, the exchange’s CEO, confirmed that the activity was a result of wallet maintenance on Twitter by writing: “It is scheduled wallet maintenance, don’t worry. Thanks.”

There have been several major cryptocurrency exchange hacks over the past few years. Binance lost more than $40 million to cyber criminals in May, while CoinCheck saw $500 million in NEM tokens stolen in 2018.

OKEx is one of the largest cryptocurrency exchanges in terms of daily trade volume, facilitating more than $1 billion worth of trades on a daily basis.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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