OKEx Cryptocurrency Exchange Attracts Impersonators, Warns Customers to Beware of Frauds

With the newfound ubiquity of bitcoin and other cryptoassets, bad actors keep formulating various ways to defraud unsuspecting crypto hodlers.

Now OKEx, a highly-reputed Malta-based exchange has warned its users to beware of impersonators, according to a Tweet on May 3, 2019.

Beware of Fraudsters

Since the days of the now-defunct Mt.Gox cryptocurrency exchange, bitcoin trading platforms and exchanges have been a prime target for cyberpunks and the more recent cases of Cryptopia, QuadrigaCX and Bitfinex have added further dents to the image of the nascent cryptosphere.

Against that backdrop, some forward-thinking crypto exchanges, including OKEx are now looking to strengthen the security of their platforms and the exchange has taken to its official Twitter handle to warn users against bad actors, as part of the entire process.

“Beware of frauds that are trying to impersonate OKEx to trick project teams to send funds into fake wallet addresses for applying to OK Jumpstart,” tweeted OKEx, adding “Please note that we never ask teams to send fees into a wallet address. When in doubt, please contact us at [email protected]”

Cryptothieves May Look to Take Advantage of OK Jumpstart

As reported by Bitcoin Exchange Guide, OKEx recently launched its initial Exchange Offering (IEO) platform known as OK Jumpstart, make it easier for blockchain-based projects to organize their token sale events, since initial coin offerings have now become a quite controversial method of raising funds for startups.

Specifically, OKEx has predicted that cybercriminals could take advantage of its new IEO platform to defraud unsuspecting users. The exchange, through its head of operations, Andy Cheung has advised customers to feel free to open support tickets and ask questions concerning anything that may be unclear to them and avoid making avoidable mistakes.

A good number of exchanges are beefing up their security to safeguard users’ funds against hacks and thefts. Exchanges like Cryptopia which recently resumed operations after the multi-million dollar security breach, DragonEX and Bithumb are some of the exchanges that have been hacked in 2019 alone.

OKEx Steadily Growing

Its worthy of note that despite the prolonged crypto winter that’s now gradually melting down, OKEx has seen its daily transaction volumes increase significantly of late.

According to data available on CryptoCompare, OKEx was the only bitcoin trading venue in the crypto-to-crypto category to manage an average daily transaction volume of $1 billion and record a monthly volume of $31 billion in March 2019.

While the OKEx massive trading volume may impress some crypto enthusiasts, recent reports have revealed that the exchange is in the habit of falsifying its trading volumes and this practice is not good for the cryptospace.

As reported by Bitcoin Exchange Guide, Crypto Integrity (CI) released has released its quarterly report, mentioning the crypto exchanges with the most genuine trading volumes and liquidity.