OKX decentralised exchange (DEX) suffered a significant security breach on December 13, leading to a loss of approximately $2.7 million in various cryptocurrencies.

The exploit began after the proxy admin owner upgraded the DEX proxy contract, enabling the attacker to steal tokens by exploiting the new contract implementation.

Blockchain security firm SlowMist initially reported the issue, suspecting that the hack might have resulted from a leak of the proxy admin owner’s private key.

The compromised DEX proxy was subsequently removed from the platform’s trusted list to prevent further unauthorised access.