Crypto Exchange OKX Denies EU Investigation Tied to Bybit Hack

One of the world’s largest crypto exchanges, OKX, has denied the European Union (EU) investigation connected to the crypto platform Bybit. According to an official report by OKX, the Bloomberg article misleadingly describes the use of a service offered by the platform to launder proceeds from the $1.5 billion heist on Bybit last month.

OKX noted that, like other major crypto exchanges, the platform offers a self-custody wallet service and swap feature designed to function as an aggregator, enhancing users’ efficiency.

OKX Reacts to Bybit’s Hack

Interestingly, the exchange further noted that following the hack event, OKX reacted in two ways: frozen associated funds moved into its centralized exchange (CEX), and a new feature to identify and block hackers ‘ addresses from accessing its DEX or wallet services.

In response to the investigation issue, OKX stated that it is regrettable that Bybit’s statements are causing misinformation among journalists. For clarity, the platform noted that OKX is not under investigation, and the recent incident highlights Bybit’s security shortcomings. Additionally, the crypto exchange giant mentioned that its Web3 wallet services operate similarly to those provided by other industry players.

However, OKX still maintains that it would continue to help Bybit to strengthen the community.

“We will continue to help Bybit to strengthen the industry. But we absolutely refute the false claims by Bybit that are leading to misinformation about our role in what began as a serious security vulnerability on their exchange,” OKX wrote.

OKX Adds Hacker’s Address

Furthermore, in response to the breach, OKX’s President, Hong Fang, announced that the hacker’s address had been added to OKX’s blacklist. The exchange’s engineering team is actively monitoring these addresses and is prepared to take immediate action should any suspicious activity be detected. OKX also reached out to Bybit to offer IT security support and liquidity assistance during the challenging period.

The crypto community has lauded OKX’s swift actions, emphasizing the importance of collaboration among exchanges to combat cyber threats. Such coordinated efforts are crucial in enhancing the overall security and resilience of the digital asset ecosystem.

Founded in 2017, OKX is one of the world’s leading crypto spot and derivatives exchanges. OKX innovatively adopted blockchain technology to reshape the financial ecosystem by offering some of the most diverse and sophisticated products, solutions, and trading tools on the market.