Crypto exchange OKX has temporarily paused its decentralized exchange (DEX) aggregator, citing security concerns and ongoing efforts to prevent misuse by hackers and illicit actors.
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https://twitter.com/okx/status/1901457210968023046
Key details:
- The move follows reports linking OKX’s web3 platform to the laundering of $100 million from the Bybit hack, allegedly conducted by North Korea’s Lazarus Group.
- OKX said it has implemented new security measures, including a hacker address detection system and real-time transaction tracking to block suspicious activity.
- European regulators are reportedly scrutinizing OKX’s Web3 services under MiCA regulations, though the exchange denies any formal investigation.
- The suspension also comes amid OKX’s recent $500 million settlement with the U.S. Department of Justice.
OKX maintains that the platform is not a custodian of customer assets:
“Our role is to provide access to liquidity across multiple protocols, offering users the most efficient peer-to-peer trading experience possible.”
OKX
The company said it has taken decisive steps to safeguard users from financial crime:
“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. We know that transparency is key, so we’re also working closely with blockchain explorers to correct incomplete labeling. Our goal is to ensure that explorers properly highlight the actual DEX processing trades rather than mistakenly identifying our aggregator as the point of trade.”
OKX
This article is published on BitPinas: Quick Take: OKX Suspends DEX Aggregator Amid Security Concerns
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