Today, OKX, a top-tier cryptocurrency platform, unveiled “comprehensive API key security protection features” to provide enhanced protection for users against external threats.
According to the press release, the new features include the automatic expiration of application programming interface (API) keys with trade and withdraw permissions after 14 days of inactivity and the ability to unbind these keys from specific IP addresses for added security.
In addition to these features, OKX has also implemented a third-party whitelist that allows users to bind their IPs to trusted platforms and verify that transactions are coming from these approved sources.
There is also a Fast Connect feature that provides added security during the API key binding process by enabling users to quickly authorize brokers to access and generate API keys with just one click.
To further protect against potential risks, OKX has also implemented a risk engine that monitors and flags suspicious transactions, allowing them to freeze potentially compromised accounts to prevent loss.
OKX’s Chief Marketing Officer, Haider Rafique, stated that the security of consumer finances is always the first concern of the company:
Our API safety measures are among the most comprehensive on the market. Traders can use our platform confidently with the knowledge that API keys are protected with multiple layers of security.
However, WU Blockchain argued that “previously, 3commas had large-scale API leaks and coin theft.” Earlier in December, there was speculation of a potential exploit when a high-profile crypto trader had a public disagreement with Binance regarding access to his trading account through his 3Commas API key.
Binance stated that they were not responsible for the issue, which led to suspicion being directed towards 3Commas as the potential cause.
After initially denying any involvement in the leak, which had been getting worse over the past couple of weeks, 3Commas finally admitted on Wednesday that it was the source of the security breach. This revelation has caused significant harm to the company’s reputation.
After its CEO admitted that they were responsible for the security breach, it is now thought that the FBI is investigating the hack, during which over 100,000 API keys were stolen.
OKX Native Token OKB’s Price Analysis
The OKB token has experienced significant growth this week, increasing in value by approximately 30% following the announcement of a partnership with NEST Protocol.
The OKX’s OKB token has seen a positive trend in recent weeks, which is a promising sign for the exchange. The token’s value has been steadily increasing since the beginning of 2023.
As of now, OKB is being traded at a price of around $28.20. However, there has not been a significant increase in its value over the past 24 hours. On the other hand, there has been an 11.27% increase in the 24-hour trading volume for OKB, according to Coinmarketcap’s statistics.
Looking at the price history over the past 30 days, it appears that OKB increased by 23.489%. Over the past 90 days, the price has grown by 44.37%. During this time, the average price of OKB has ranged from a low of $15.16 to a high of $31.01.
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