OKX CEO Star Xu issued a 10 Bitcoin bounty on November 15, challenging the cryptocurrency community to prove allegations that the exchange's decentralized finance wallet contains a backdoor allowing unauthorized access to users' private keys. The offer, valued at $955,500 (at press time), follows claims made by a OneKey hardware wallet employee who surveyed victims of wallet thefts.
What to Know:
- OKX CEO offers 10 BTC ($955,500) for solid evidence proving the existence of a backdoor in the exchange's DeFi wallet after allegations surfaced from a competing wallet firm employee.
- The Seychelles-based exchange recently launched DEX trading through its CeDeFi program, allowing users to swap tokens on Solana, Base, and X Layer networks without gas fees or bridging requirements.
- OKX ranks as the fifth-largest crypto exchange by trading volume with $1.5 billion in daily trades, serving 60 million users and 5 million DeFi wallet users.
Security Allegations Draw Public Challenge
An X account operating under the username OKxiaohai, identified as an employee at hardware wallet manufacturer OneKey with previous customer service experience, published allegations on November 15 claiming OKX's wallet featured a backdoor enabling theft of users' private keys. The employee based this assertion on a survey of former theft victims who used OKX wallets.
The post stated: "Find 100 victims whose private keys have been leaked and stolen, ask them what wallet they used, and you will come to a conclusion: all wallets have backdoors."
The statement generated mixed reactions from X users. One user, im23pds, disputed the notion that private key losses stemmed from wallet backdoors rather than user errors, a perspective OKxiaohai acknowledged.
Another account, xinchne_eth, accused the OneKey employee of leveraging OKX's prominence to drive engagement.
Xu responded directly to the allegations, stating: "Anyone who can provide solid evidence proving the existence of a backdoor in OKX Wallet, our @wallet team will reward 10 BTC. We invite OKX Wallet's tens of millions of global users to jointly monitor this." The CEO emphasized the company's commitment to security and transparency while expressing willingness to accept community scrutiny. His response indicates confidence in the wallet service's integrity, though the bounty offer has generated considerable discussion across crypto communities.
Exchange Expands Decentralized Trading Services
OKX recently introduced decentralized trading capabilities through its CeDeFi program, which combines centralized and decentralized finance elements. The Seychelles-based platform integrated a decentralized trading feature into its mobile application, enabling users to swap DEX tokens across Solana, Base, and the X Layer network.
The CeDeFi program eliminates gas fees and bridging requirements while providing a centralized management interface. This structure gives users access to centralized order books while trading decentralized assets. The exchange currently processes approximately $1.5 billion in daily trading volume, ranking fifth among cryptocurrency exchanges globally. The platform reports 60 million total users, with more than 5 million actively using its DeFi wallet service.
Understanding Key Terms
A backdoor refers to an undisclosed method of bypassing security mechanisms, potentially allowing unauthorized access to systems or data. Private keys function as cryptographic passwords that control access to cryptocurrency holdings. Decentralized exchanges, or DEXs, operate without central intermediaries, allowing peer-to-peer trading. The CeDeFi model attempts to merge centralized exchange efficiency with decentralized finance's self-custody principles.
Final Thoughts
The 10 BTC bounty underscores ongoing tensions between competing wallet providers and broader questions about cryptocurrency security practices. Xu's public challenge puts the burden of proof on critics while inviting transparency from OKX's user base. The outcome may influence how exchanges address security allegations in an industry where trust remains fundamental to user adoption.