(Bloomberg) – Digital Asset Exchange OKX has suspended the service that hackers use to wash revenue from trading platform BYBIT’s $1.5 billion robbery after scrutinizing its European watchdog.
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“After consulting with regulators, we have made an aggressive decision to temporarily suspend DEX aggregator services,” OKX said in a statement Monday. “This move allows for additional upgrades to be implemented to prevent further misuse.”
The move has washed an estimated $100 million in revenue from HERIST after a Bloomberg news report said authorities have fallen to zero in the use of OKX’s Web3 services by BYBIT hackers linked to North Korea. The February hack was the most refined hit the biggest and most refined crypto industry so far.
OKX and BYBIT are in conflict over the role of Web3 services on how hackers wash stolen assets. BITIT CEO Ben Zhou said in a March 4th X post that the OKX platform was being used to concentrate $100 million in hacked funds. A representative of OKX said the company would challenge Bybit’s claim without providing details.
OKX is subject to new markets for cryptographic operations in the European Union, or MICA regulations. According to the Bloomberg News Report, at a meeting hosted by the European Securities Agency’s Digital Standing Committee on March 6, national watchdogs from 27 European Union members discussed the exchange’s Web3 services.
OKX sells the Web3 platform as a decentralized finance platform and a self-supporting wallet where Crypto Traders can access various exchanges and blockchains. Dex Aggregator is one of the services offered through Web3 wallets, a company spokesman said.
Founded in 2017 and based in the Seychelles, OKX offers trading in over 300 cryptocurrencies, including Bitcoin and ether, on a centralized exchange. In July, the company added that 53 million individual wallets were created with separate Web3 services, with the platform covering 100 different blockchains.
(Update with a controversy between OKX and BYBIT in the fourth paragraph.)
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