OKX Suspend DEX Aggregator Services Following Regulators’ Laundering Probe

OKX, a cryptocurrency exchange, announced it had suspended its DEX aggregator services as European Union regulators found that threat actors who stole $1.5 billion from Bybit used OKX to launder the money.

Notably, OKX denies any involvement with the group but noted North Korea’s Lazarus group is to blame for using its services.

OKX Suspends DEX Service

OKX is temporarily stopping some services to update its system. This means orders placed through the aggregator will be canceled. It is currently unknown exactly when services will be back. Users can still trade using other ways, and other OKX services work normally.

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

Notably, past regulators’ actions have led to similar service stops, showing a move toward preventing problems before they happen. Experts think these temporary stops are a good idea to avoid more significant problems later. Following rules better helps build trust and keeps things stable.

The shortstop of OKX’s DEX didn’t have much effect on the market. Crypto prices moved as they usually do. Experts say this is because the stop was short, and other ways to trade were available. However, it does show how government rules are affecting online trading. Strict rules are essential to reduce risks and help the crypto market grow.

Things are more complicated because European regulators are looking into OKX’s Web3 platform after the Bybit hack. They’re checking if OKX’s Web3 platform needs to follow new EU rules (MiCA).

EU Regulators’s Probe

Today’s news follows the European Union’s investigation into Bybit’s involvement in a $100 million money laundering case linked to a hack using its Web3 platform.

Moreover, the investigation started because of claims that hackers from North Korea stole about $100 million in Ether and cleaned the money through decentralized finance services.

However, the exchange strongly denies any involvement in money laundering, saying it worked with Bybit to find and block the wallets used in the hack. The company claims its Web3 service is simply a wallet tool that simplifies user experience. It operates separately from its regular exchange and is independent of Singapore’s central bank.