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Cryptocurrency exchange OKX has decided to temporarily suspend its DEX aggregation services amid an ongoing investigation by the European Union (EU) into the $1.5 billion Bybit hack. The investigation revealed that hackers had used OKX’s platform to launder money, prompting the exchange to take stricter precautionary measures. OKX has accused North Korea’s Lazarus group of exploiting its DeFi services.
OKX Halts DEX Services Under International Investigation Pressure
On March 17, OKX announced that it had heightened vigilance against recent cyberattacks and was implementing necessary measures to address them. The decision to suspend DEX services came after the EU investigated a $100 million money-laundering operation via OKX’s Web3 platform related to the Bybit hack.
Commenting on the move, OKX stated:
“After consulting with regulators, we proactively decided to temporarily suspend our DEX aggregation services. This allows us to implement additional upgrades to prevent further misuse.”
According to a spokesperson from OKX, the platform’s Web3 services are promoted as a self-custody wallet and decentralized finance (DeFi) solution, providing traders access to multiple exchanges and blockchains. Among other services, the Web3 wallet includes a DEX aggregator.
In addition to pressure from the EU investigation, OKX is also required to comply with the European Union’s new Markets in Crypto-Assets (MiCA) regulations. Last week, regulators from 27 EU member states discussed OKX’s Web3 services. Beyond Europe, the exchange is also facing heightened scrutiny in other jurisdictions.
In February, OKX agreed to pay a massive $84 million fine to settle a U.S. Department of Justice investigation, marking one of the largest penalties in the cryptocurrency industry.
