Crypto exchange OKX suspends the DeFi service which drew EU scrutiny
Hindustan TimesDigital-asset exchange OKX has suspended a service used by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit, after drawing scrutiny from European watchdogs. Regulators had zeroed in on the use of OKX’s Web3 service by Bybit hackers — which authorities have linked to North Korea — to launder about $100 million in proceeds from the heist. “This move allows us to implement additional upgrades to prevent further misuse.” The move comes after a Bloomberg News report revealed regulators had zeroed in on the use of OKX’s Web3 service by Bybit hackers — which authorities have linked to North Korea — to launder about $100 million in proceeds from the heist. National watchdogs from the European Union’s 27 member states discussed the exchange’s Web3 service at a meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee on March 6, according to the Bloomberg News report.
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