Markets, OKX, Blockchain The platform reportedly caught regulators’ consideration after stories that it was used to launder a number of the proceeds of the latest Bybit hack.
OKX has briefly suspended its decentralized alternate aggregator after regulators within the European Union (EU) started the way it was utilized by North Korea to launder proceeds from a recent hack of crypto exchange Bybit.
Bloomberg reported on March 11 that the EU regulators have been investigating OKX’s Web3 providers for allegedly laundering funds from the Bybit hack, prompting OKX President Hong Fang and different executives to name Bloomberg’s report deceptive and assert the corporate’s dedication to combating monetary crime.
“We are addressing a tagging issue with explorers that highlights OKX DEX aggregator as the destination of trades when in fact, OKX DEX aggregator just looks for the best price to execute the order, and then the final order/trade is placed on one of the DEXs our aggregator connects to,” a spokesperson for OKX informed CoinDesk in a Telegram message.
The spokesperson mentioned that after consulting regulators, they proactively paused our DEX aggregator to implement new tagging and safety upgrades.
“This decision ensures the transparency of how our software and systems work, along with the safety of our platform and users,” they continued.
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