Shock Theft: $11.6 Million Vanishes from QuantMatter’s OKX Institutional Account

QuantMatter market maker reported that a hacker drained millions worth of funds from her account and the reasons are still unknown to her. The victim confirmed that no third-party Chrome extension or any such thing was used by her.

QuantMatter is a popular market maker based in Singapore, specializing in providing liquidity for digital assets and cryptocurrencies. This company uses advanced algorithms and high-frequency trading strategies, QuantMatter facilitates efficient and stable trading environments across various crypto exchanges. 

This crypto firm plays a vital role in enhancing market liquidity, reducing trading spreads, and improving overall market efficiency. With a strong emphasis on technology and innovation, QuantMatter has established itself as a key player in the rapidly evolving crypto market, contributing to the growth and stability of digital asset trading globally.

On 11 June 2024, Crypto Lala, a Crypto X (formerly Twitter) user & operation manager at QuantMatter, reported that an unknown hacker drained $11.6 million worth of crypto assets from her OKX institutional account within 25 minutes.

The QuantMatter operation manager also confirmed that no email or 2FA notification regarding this transaction came to her device.

She expressed shock and disbelief, having seen numerous posts from @okx and @okxchinese users about similar incidents but never expecting to be a victim themselves. She also emphasized the need to speak out to prevent potential victims from realizing they are not alone in this situation.

So far, a former investigation found that the hacker reportedly gained full access to the account, sold everything for ETH, and withdrew all funds within 25 minutes. The user noticed the theft when checking one of the sub-accounts and found the main account completely drained. Despite being in crypto space for a long time, this was the first bitter experience.

Overwhelmed with frustration and sadness, the user plans to reach out to major Crypto media outlets  to share their story and raise awareness. She also encouraged other victims to join her and discuss their losses to coordinate joint efforts in addressing the issue. The incident highlights the vulnerability of OKX users, urging the community to take action to prevent further thefts.

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