The Coldcard exploit, one of the largest known thefts tied to a bitcoin hardware-wallet flaw, appears to be prompting users to move assets to centralized exchanges, OKX Chief Compliance Officer Jonathan Brockmeier told The Block.

"We're seeing record levels of inflows now to centralized exchanges post-Coldcard," Brockmeier said. "It's interesting — it's sort of the flip side of FTX. FTX happens and everybody moves their money into self-custody and it's coming back now."

With fraud and exploits continuing to be a major concern across digital assets, Brockmeier said OKX has been stepping up efforts to combat customer losses, including by using artificial intelligence to flag potential risks.

"Self-custody puts a lot on the user and asks them to be their own security engineer," Brockmeier added. "We support that for customers who want it, but we also give them a secure alternative: a full-time global team watching for threats, layered defenses with AI that flags suspicious activity before the customer ever sees it."

During the first half of 2026, OKX prevented $26.3 million in scam-related losses by stopping suspicious transfers, the exchange told The Block. It also said it protected more than $1.1 billion in assets belonging to over half a million customers during the same period.

Brockmeier said the exchange is also using AI to monitor broader network activity and identify patterns, such as compromised devices and social engineering, that could signal fraud before funds move.

Galaxy Research has linked the Coldcard vulnerability, disclosed last week, to the theft of more than 1,300 bitcoin worth over $80 million from thousands of addresses across multiple waves.

Last year, Dubai-based exchange Bybit suffered the largest crypto theft on record when attackers drained about $1.4 billion from wallets tied to the platform. During the first half of this year, Blockaid said crypto projects lost more than $1 billion to hacks with the number of verified exploits climbing to a record.

OKX, which has historically had a stronger presence in Asia and other offshore markets, is seeking to expand in the U.S. and Europe. The exchange has touted its MiCA authorization in Europe, while Binance, the world's largest crypto exchange, failed to secure a license before the regulation's July 1 deadline.

In the U.S., OKX is seeking to grow its footprint among both institutional and retail customers after launching there in 2025. Earlier this year, Intercontinental Exchange, the parent company of the New York Stock Exchange, made an investment in OKX at a $25 billion valuation.

Brockmeier said customizing security to users' needs will play a big role as OKX aims to add customers. "On the fraud side, we know that if the friction's low, the fraud will flood in, right?"

"If you want to batten down the hatches and put your account on super lockdown mode, we support that," he added. "We may not see your risk is that high, but that gives you the power to say, 'Look, my assets are so important that I want to go through extra steps.'"