OKX CEO Defends Exchange Amid Freeze Controversy from Justin Sun

Star Xu, OKX CEO, has taken to the social media platform X to defend the exchange publicly. The move became necessary following accusations from Justin Sun, Tron founder, that OKX exchange refused to freeze users’ stolen funds associated with a malicious attack on Tron’s official X account.

Dispute Over Alleged Freeze Request After Tron X Account Hack

Sun had alleged that OKX ignored a law enforcement freeze notice after the malicious attack on May 3. However, in a post wherein he tagged Sun, the OKX CEO refuted the claims, stating that no official communications came from Tron to OKX.

According to XU, the OKX law enforcement cooperation team has checked their email boxes, including the spam folder, and no such request exists. He insisted that Sun provide a screenshot of the request to prove that Tron initiated such a communication with OKX.

XU clarified that the exchange has a consumer protection team, OKX strictly adheres to laws, and would not freeze a customer’s funds based on oral communication. He noted that not even a personal post on social media platforms qualifies as an official request; Tron and Sun should do the needful.

Justin Sun Deletes Post, Opts for Private Communication

Interestingly, Sun’s original post, which has now been deleted, had the Tron founder claiming to have reached out to OKX via email. XU, however, shared a screenshot of it to call Sun out.

In Sun’s post, he stated he acted to protect the Tron community, as the stolen funds do not belong to him. Sun said his decision to contact OKX’s compliance team came after the exchange failed to respond.

Meanwhile, Sun has responded to Xu’s post with a short reply stating, “Will send to you privately.”

Crypto Hacks Expose Growing Risks Across Industry

The back-and-forth between two CEOs is a result of malicious actors targeting social media accounts to carry out crypto hacks.

In mid-March, hackers took over the account of Yu Hu, founder of Kaito, a crypto AI platform. The malicious actors used the account to issue fake warnings that wallets were compromised after the attacker had opened a ‘short position’ in KAITO tokens.

The incident highlights the extent to which hackers carry out fraud in the crypto space.

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