OKX's CEO Star Xu countered Justin Sun's criticism. Sun claimed that OKX ignored law enforcement's request to freeze stolen funds related to the hacking of TRON's official X account.
According to crypto news on the 4th (local time), Justin Sun and OKX are publicly confronting each other after Sun alleged that OKX ignored a "freeze notice" from law enforcement following the TRON X account breach on May 3rd. In the incident, TRON's X account was hacked, with the attacker posting malicious smart contract addresses, sending direct messages, and interacting with unfamiliar accounts.
In a now-deleted post, Sun said the exchange received an official email but did not respond, leaving him with "no other way" to contact OKX's compliance team. "These stolen funds are not mine. I am acting to protect the community," Sun claimed.
Star Xu dismissed these allegations. "OKX has a consumer protection policy managed by law," Xu wrote on X. "We cannot freeze customer funds based solely on your personal X posts or verbal communication. As the CEO of HTX, I think you should understand this."
Xu added that OKX's law enforcement cooperation team reviewed email accounts, including spam folders, and found no official requests related to this incident. "Our law enforcement cooperation team just checked emails, including the spam folder, and we have not received any requests related to this incident," he said.
Xu also demanded that Sun post screenshots of the originally deleted message and share evidence of the alleged freeze notice, including request time and source.
This incident was added to the growing list of social media hacks in the cryptocurrency space. On March 15th, Yu Hu, founder of crypto AI platform Kaito, had his account hacked, spreading false warnings about wallet compromise, which occurred just after attackers opened short positions on KAITO Token.
Similarly, on February 26th, the Pump.fun X account was compromised to promote fake governance tokens.
In another instance, UK MP Lucy Powell's X account was hacked on April 15th to promote scam tokens.
Meanwhile, according to blockchain security company Immunefi, hackers stole over $92.4 million from cryptocurrency projects in April 2025 alone.
This figure represents a 27.3% increase compared to the previous year and more than double the losses reported in March. The April attacks occurred in 15 incidents, with two major hacks accounting for most of the damage.
Open-source platform UPCX lost $70 million in a single attack, while decentralized exchange KiloEx suffered $7.5 million in losses. Other affected projects include Loopscale, ZKsync, Term Labs, and Bitcoin Mission, each experiencing losses over $1 million.
Cumulatively, cryptocurrency losses in the first four months of 2025 have already reached $1.74 billion, exceeding the total $1.49 billion lost in 2024.
Immunefi previously noted that the first quarter of 2025 was the worst in cryptocurrency history for hacking, primarily due to large-scale breaches at centralized exchanges Phemex and Bybit.
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