OKX Launches Shield Program to Reimburse Account Takeover Losses
- —Reimbursement caps: $100,000 for regular users, $250,000 for VIP 1–3, $500,000 for VIP 4–6
- —Covered incidents include phishing, malware, malicious remote access and SIM-swap attacks; user-authorized transactions and API-key exposure are excluded
- —Users must enable Passkey, withdrawal protections and MFA, and file a claim within 72 hours of the incident
- —Each KYC identity can receive only one approved reimbursement claim for life
Why it matters: A major exchange introducing voluntary reimbursements for account takeovers could set a new user-protection standard across the industry.
Source: Crypto Economy