Crypto Exchange OKX Suspends DeFi Service That Drew EU Scrutiny

(Bloomberg) -- Digital-asset exchange OKX has suspended a service used by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit, after drawing scrutiny from European watchdogs. 

“After consulting with regulators, we made the proactive decision to temporarily suspend our DEX aggregator services,” OKX said in a statement on Monday. “This move allows us to implement additional upgrades to prevent further misuse.”

The move comes after a Bloomberg News report revealed regulators had zeroed in on the use of OKX’s Web3 service by Bybit hackers — which authorities have linked to North Korea — to launder about $100 million in proceeds from the heist. The February hack was the biggest and among the most sophisticated to hit the crypto industry so far. 

OKX is subject to the European Union’s new Markets in Cryptoassets, or MiCA, regulations. National watchdogs from the European Union’s 27 member states discussed the exchange’s Web3 service at a meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee on March 6, according to the Bloomberg News report.

OKX markets its Web3 platform as a decentralized-finance platform and self-custodial wallet that gives crypto traders access to various exchanges and blockchains. The DEX aggregator is one of the services offered through the Web3 wallet, a spokesperson for the company said. 

Founded in 2017 and based in the Seychelles, OKX offers trading in over 300 cryptocurrencies including Bitcoin and Ether over its centralized exchange. In July, the company said 53 million individual wallets had been created on its separate Web3 service, adding that the platform covered 100 different blockchains.

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