EU Investigates OKX Amid Allegations of Bybit Hack Fund Laundering
by aria-crypto.com
March 17, 2025 at 07:20
EU Investigates OKX Amid Allegations of Bybit Hack Fund Laundering
Amid rising scrutiny, OKX, a prominent crypto exchange, has suspended its decentralized exchange (DEX) aggregator following allegations it facilitated laundering of $100 million from the Bybit heist. European regulators initiated investigations into OKX's DEX aggregator, OKX Web3, after the attack which saw $1.5 billion stolen. In response, OKX has enacted several security upgrades, including a hacker address detection system and enhanced protocols to better tag transactions on blockchain explorers. OKX CEO Star Xu emphasized that their platform does not hold user assets but rather facilitates liquidity for various DeFi protocols. Despite accusations, OKX asserts its commitment to combating financial crime, criticizing the timing and integrity of recent media attacks. This comes as regulators and companies globally are tightening security to prevent similar future breaches, emphasizing the crypto industry's vulnerability to sophisticated cyber threats.
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