Star_OKX
Star_OKX
Founder & CEO of OKX (since 2013). Crypto will eat the world. Self-custody is the future. Everything will be onchain. Tweets not financial advice.
8Following
2.7Kfollowers
Feed
Livestream
Feed
How much did OKX spend to hire Musk as a "shill"?
Some companies are so keen on cultivating shills to manipulate public opinion and steer narratives that they assume everyone else is doing the same.
When you're used to this routine, you think the whole world is like you, and you even throw your own dirt onto others.
Besides the so-called "shills," there are various real-life "Lü Bu" types. Today they might stab their former sworn father in the back, and tomorrow they could turn against their current sworn father.
OKX always expresses its views directly; it has neither the time nor the inclination to hire shills or Lü Bu types! OKX invests its time and resources in improving its own capabilities.
History is always strikingly similar. Time will strip away many disguises and ultimately reveal the truth.
I sincerely do not want to criticize competitors when they are facing a crisis. What I truly hope for is that we can work together with them to raise security standards and better protect the entire crypto industry.
But I have to say, the recent interview given by the so-called "richest man in crypto" who claims he no longer manages Binance (do you really believe that?) made me feel disgusted.
The entire interview was full of nonsense and misleading statements. He seemed to downplay the responsibility he should bear and even tried to find excuses for his failures by belittling the security of traditional banks.
In such a crisis, what we should see is accountability and industry leadership. But this interview felt like a continuous shirking of responsibility and shifting of focus.
This is absolutely not the kind of leadership our industry needs.
Since the incident occurred, this "richest man in crypto" seems unstoppable:
1. One of the most active people on social media. During the entire crisis, he was arguably the most vocal and active person related to Binance on social media.
2. Still has time to argue with Musk. During such a serious security crisis, he even had the energy to debate with Elon Musk (@elonmusk) about SpaceX stock investments.
3. Repeatedly emphasized that "only 2% of funds flowed out of Binance." As if this number alone could answer fundamental doubts about the platform's security.
4. Continued marketing campaigns to attract user deposits. Even while the crisis is ongoing, marketing efforts to bring in new funds have not stopped.
5. Tried to imply that traditional banks are less secure. How can a self-proclaimed professional crypto industry leader make such a misleading comparison? Traditional banks and crypto exchanges face fundamentally different threat models, attack surfaces, and consequences of security incidents. Making a simple comparison without this context is extremely irresponsible.
6. Almost every time he speaks, it seems he pushes a pregnant woman to the front line of the crisis. Meanwhile, he repeatedly adds the same disclaimer: "I no longer manage Binance."
At the same time, the entire crypto industry is paying the price for this crisis:
1. Bitcoin price reportedly dropped from about $81,000 to $75,000. The market suffered a clear impact amid the turmoil.
2. Tens of billions of dollars in leveraged positions were liquidated. Market volatility triggered massive forced liquidations.
3. The credibility of the entire crypto industry may be severely damaged again. Traditional capital markets, institutional investors, and global regulators may develop deeper doubts about the industry's security and trustworthiness.
After all this, their so-called "multi-layer security defense system" increasingly looks like a joke.
What our industry needs is not more excuses, not more PR talk, but genuine cooperation, real accountability, and effective user asset protection and security standard building.
Less shirking of responsibility, less marketing packaging, more real security investment and industry collaboration.
This is what I am more willing to invest my time and energy in promoting.
Even if they are competitors, I sincerely hope we can work together to get this right.
Many packages and performances have ultimately proven to be nothing but makeshift troupes!
According to reports, a $6.3 billion security incident actually started with an employee falling into a fake recruitment interview trap, which then involved two other employees, and internal AI tools may also have been implicated. Is this the so-called "defense in depth"?
I don't want to speculate too much on the failure of security controls by competitors.
But I want to remind every user in the crypto industry: in the crypto industry, an overly marketing-driven corporate culture can be extremely dangerous.
You might care about a few more percentage points of financial returns or some rewards from marketing campaigns. But hackers and scammers are targeting your 100% principal.
In the crypto industry, security, responsibility, and compliance should always come before marketing. No matter how high the returns or how tempting the promotional rewards, they can never make up for the damage caused by principal loss.
Choose platforms that truly prioritize protecting your assets, not just those that try every trick to attract your funds.
A reported $6.3 billion incident allegedly began with a single employee falling for a fake job interview, then spread to two more employees, with internal AI tools potentially involved. So much for the so-called multi-layer defense.
I don’t want to speculate about a competitor’s control failures.
But I do want every crypto user to understand one thing: a marketing-driven culture can be extremely dangerous in the crypto industry.
You may be attracted by a few extra percentage points of yield or some promotional bonuses. Hackers and fraudsters are after 100% of your principal.
In crypto, security, responsibility, and compliance must always come before marketing. No amount of yield or promotional rewards can compensate for losing your original funds.
Choose platforms that prioritize protecting your assets, not just attracting them.
Great to keep building with Mastercard. 🤝
Stablecoins are moving beyond trading and becoming part of everyday financial life.
With OKX Card, we’re connecting digital assets to real-world payments—making spending as simple and seamless as using any traditional card, while rewarding users along the way.
More to come. 🚀
Thank you for your trust, OKX will definitely live up to it. 🙏
OKX always regards security and the protection of customer assets as the top lifeline.
In fact, OKX detects and responds to various cyberattacks every month, including advanced persistent threat (APT) attacks targeting the crypto industry. It is the security system, technical capabilities, and practical experience accumulated continuously over the past 13 years that enable us to maintain stable operations under complex security threats.
More than a year ago, OKX launched automated penetration testing based on LLM, continuously enhancing the depth, breadth, and efficiency of security testing, further strengthening our security defense capabilities in the AI era.
We are confident that OKX will be even more secure in the future. But we also clearly understand that security never has an endpoint, and we must never become complacent because of past achievements.
Regarding the recent security incidents faced by our peers, we will earnestly learn from the experience, comprehensively strengthen self-inspection, continuously improve the security system, and always remain humble and vigilant.
Protecting customer assets is the bottom line that OKX will never compromise.
ron521520
Is OKX the only one in the entire crypto circle that hasn't been hacked???
I entered the circle in 2023-24, and in these 3 years since I joined, Bybit, Gate, Bitget, and Binance have all been hacked.
The Binance hack is especially devastating; 80% of my assets are on Binance. Binance can still cover the stolen assets this time, but if 60 billion or 100 billion were stolen, the principal would definitely shrink.
The most ridiculous thing is, 8 hours before the hack, I was still consolidating funds from other exchanges into Binance.
Adhering to the principle of not putting all eggs in one basket, today I planned to diversify some funds to OKX.
After consolidating, I got worried that hackers might target the only remaining OKX, since in the past two years, only OKX hasn't been hacked. If it gets hacked right after I put money in, that would be really frustrating. Not being hacked doesn't mean it will never be hacked.
I hope @Haiteng_okx @star_okx @okxchinese @misaENFP can take some time to thoroughly re-examine the hot wallets, permissions, supply chain, and internal processes, and raise the protection level one notch.
Diversifying holdings + self-custody of some assets is true risk management. Everyone, please be cautious too.
The recent security incidents involving Bybit, Bitget, and now Binance should serve as a wake-up call for every leader in the crypto industry.
Security should never be an area of commercial competition. It is a shared responsibility to protect our customers and the entire industry.
Over the past decade, major crypto exchanges have made significant progress in protecting private keys. We have seen relatively few incidents involving direct private key compromises in recent years. So far, we have not seen conclusive evidence that Binance’s hot wallet private key was leaked. The greater concern may lie in vulnerabilities in access controls and wallet management systems.
Companies that have never experienced a major security incident should not assume they are inherently safer or immune to attacks.
At OKX, we have built multiple layers of sophisticated security protection and maintained a strong security track record over the past decade. But we also recognize that no system is absolutely secure. We must remain humble, vigilant, and constantly challenge our own security assumptions.
A major security breach at any exchange undermines trust in the entire crypto industry, ultimately hurting every company and every customer.
I believe CEOs across the industry need to come together, just as we did during the Bitcoin fork crisis in 2017, to establish stronger industry-wide security standards and coordinated response mechanisms.
For example, transfers and settlements between verified exchanges could be processed in real time, while large withdrawals to unknown or unverified addresses, as well as transactions granting smart contract permissions, should be subject to additional verification and appropriate security delays.
Crucially, these safeguards should be enforced at the cryptographic signing layer, rather than relying solely on application-level controls. Even if an attacker compromises an exchange’s wallet management system, they should not be able to bypass these fundamental security restrictions.
We should also establish industry-wide mechanisms for real-time security incident notifications, coordinated monitoring of suspicious funds, and rapid responses to potential attacks. Exchanges, stablecoin issuers, and other major industry participants should work together to enable the rapid, lawful temporary freezing of suspected stolen assets when necessary.
We should also work together to accelerate the industry’s transition to quantum-resistant cryptography and strengthen our defenses against emerging AI-powered security threats. These are long-term challenges that no single company can solve alone, and they require coordinated research, shared standards, and collective action across the industry.
Security is everyone’s responsibility. No company can protect the future of crypto alone.
Circle and Tether did a Great job this time.
The crypto industry, including exchanges and stablecoin issuers, should work together to build an industry-wide security response mechanism.
We need a real-time alert system that allows participants to share information immediately when a hack occurs, coordinate a rapid response, and temporarily freeze suspected stolen funds before they can be moved or laundered.
Speed is critical. We should establish standardized protocols, clear responsibilities, and appropriate safeguards to ensure we can act within minutes, not hours or days.
Protecting users and their assets should be a shared responsibility across the entire industry, not just individual platforms.
