Mar 17, 2025 11:35 AM IST
The February hack was the most important and among the many most refined to hit the crypto trade to date.
Digital-asset alternate OKX has suspended a service utilized by hackers to launder proceeds from a $1.5 billion heist on buying and selling platform Bybit, after drawing scrutiny from European watchdogs.
Regulators had zeroed in on using OKX’s Web3 service by Bybit hackers — which authorities have linked to North Korea — to launder about $100 million in proceeds from the heist. (Representational Picture/Unsplash)
“After consulting with regulators, we made the proactive decision to temporarily suspend our DEX aggregator services,” OKX mentioned in a press release on Monday. “This move allows us to implement additional upgrades to prevent further misuse.”
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OKX markets its Web3 platform as a decentralized-finance platform and self-custodial pockets that offers crypto merchants entry to numerous exchanges and blockchains. The DEX aggregator is without doubt one of the companies supplied by way of the Web3 pockets, a spokesperson for the corporate mentioned.
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Based in 2017 and primarily based within the Seychelles, OKX presents buying and selling in over 300 cryptocurrencies together with Bitcoin and Ether over its centralized alternate. In July, the corporate mentioned 53 million particular person wallets had been created on its separate Web3 service, including that the platform coated 100 completely different blockchains.
Beneficial Matters Information / Enterprise / Crypto alternate OKX suspends the DeFi service which drew EU scrutiny
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