After Binance was hit by a hack involving about $6.3 billion, some users started moving part of their funds to other exchanges. OKX founder Star Xu said on X on the evening of Nov. 1 that OKX detects and responds to various cyberattacks every month, including advanced persistent threat, or APT, attacks aimed at the crypto industry. He also said the exchange would "seriously learn lessons" from recent security incidents involving peers.
User says part of funds were moved from Binance to OKX
Xu was responding to a post from a Chinese-speaking user on X. The user said they entered the cryptocurrency market in 2023 and 2024, and that Bybit, Gate, Bitget and Binance had all suffered hacks during the past three years. They said the latest Binance incident was the most damaging for them because about 80% of their assets were held on Binance.
The user added that eight hours before the theft, they had still been moving funds from other exchanges into Binance. On Nov. 1, they said they decided to spread part of their holdings to OKX based on the idea of not putting all eggs in one basket, while also worrying that hackers could next target OKX, which they described as "the only one in the past two years that has not been hacked."
The post also called on OKX management to conduct closer reviews of hot wallets, permissions, the supply chain and internal processes. The user said that spreading positions and self-custodying part of one’s assets is the real form of risk management.
Star Xu says OKX started LLM-based automated penetration testing more than a year ago
Xu replied, "Thank you for the trust. OKX will not let you down." He said OKX has always treated security and the protection of customer assets as its "first lifeline." According to Xu, the exchange’s security framework, technical capabilities and operational experience built over the past 13 years have allowed it to keep running steadily under complex security threats.
He also said OKX launched automated penetration testing based on large language models, or LLMs, more than a year ago to improve the depth, breadth and efficiency of security testing.
Xu added that security "never has an endpoint" and that OKX cannot afford complacency because of past results. He said the exchange would strengthen internal reviews across the board in response to recent incidents at peer platforms and continue improving its security system. "Protecting customer assets is a bottom line OKX can never compromise on," he said.
Binance resumes some withdrawals
ABMedia said Binance had gradually resumed withdrawals for Bitcoin, USDT and USDC starting in the afternoon of Nov. 1, and said it had replenished about 95% of the affected amount. Progress on reopening withdrawals and compensation details were posted on the exchange’s incident center page.
