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OKX announced a temporary halt on its Web3 DEX aggregator services due to ongoing security issues in the cryptocurrency market. This decision follows reports from Bloomberg that indicated the use of the exchange’s Web3 services in laundering $100 million stolen from Bybit. Additionally, European regulators have initiated investigations into allegations that Web3 DEX platforms are being exploited by hackers.
Regulatory Scrutiny on OKX’s Web3 Services
European regulators are closely examining OKX’s Web3 DEX aggregator services. It is alleged that hackers have laundered significant funds through the platform after stealing from Bybit. Experts warn that this situation could lead to punitive measures against the exchange under the EU’s Markets in Crypto-Assets Regulation (MiCA).
Security Measures and Service Updates from OKX
In response to ongoing regulatory reviews, OKX has announced new measures to enhance security. The exchange revealed the development of a system capable of identifying hacker addresses. This system allows for immediate identification and blocking of suspicious wallet addresses across both Web3 DEX aggregators and centralized exchanges (CEX).
Recently launched security updates aim to make it more difficult for hackers to conduct illegal activities on the platform. OKX officials emphasized their commitment to collaborating with regulators to establish stronger protection mechanisms. Such initiatives to enhance the security of Web3 technologies are considered a crucial step for the future of the decentralized finance (DeFi) sector.
What is OKX? OKX is a major cryptocurrency exchange serving millions of users worldwide. The platform offers various solutions in the DeFi and Web3 domains, providing both centralized and decentralized trading options across a wide investment spectrum.
