Star Xu, the founder of crypto exchange OKX, has offered a 10 Bitcoin reward to anyone who can prove the existence of a security backdoor in the OKX Wallet. The public challenge is designed to reinforce the platform’s commitment to security and transparency following a recent 50 ETH theft.

A Public Security Audit

Valued at approximately $963,300, the 10 BTC bounty invites developers and security researchers worldwide to scrutinize the wallet’s code. To facilitate this, OKX has made its wallet code fully open-source and available on GitHub. Xu stated that the challenge is open to millions of users who wish to validate the platform’s integrity.

The announcement arrives as security threats continue to challenge the crypto industry. Observers see the reward as a strategic move to build trust in the OKX ecosystem while leveraging external talent to pressure-test its defenses. Xu emphasized that the offer is part of a wider commitment to transparency, not merely a reaction to a single incident.

Building Confidence and Setting a Precedent

This significant financial incentive is expected to motivate a thorough examination of the wallet’s code, which is particularly important ahead of new token integrations and updates planned for November 2025. By inviting a public audit, OKX is demonstrating its serious approach to security, which complements its existing compliance with anti-money laundering (AML) and international standards.

Although no hidden backdoor has been discovered, the initiative could set a new benchmark for transparency across the crypto industry. However, some community members offered different perspectives, with one user noting that for victims whose private keys are stolen, any wallet can appear to have a vulnerability.

Other Recent Company Moves

The security challenge isn’t the only reason OKX has been in the headlines. The exchange recently accused its rival, Binance, of predatory poaching, claiming that nearly 100 former OKX managers joined the competitor with pay increases ranging from 100% to 500%.

On a more collaborative front, OKX has partnered with Standard Chartered to expand its crypto services in Europe. The partnership allows institutional clients to trade digital assets on OKX while their funds are securely stored with the bank under a MiCA license. This initiative, combined with the security bounty, shows OKX is focused on building a trusted Web3 platform as the community watches to see if any vulnerabilities are found.