Crypto Exchange OKX To Launch New Security System After Scrutiny From EU Regulators

OKX is restarting its decentralized exchange (DEX) aggregator with a new security system after falling into hot water with regulators earlier this year amid fallout from the record-setting Bybit hack.OKX chief executive Star Xu announced on the social media platform X on Sunday that OKX’s DEX would restart with a “real-time abuse-detecting and blocking system.”“OKX Web3 is [the] Chrome and search engine to [the] blockchain. [Based] on our understanding of on-chain data, we help customers access hundreds [of] chains’ real-time data, manage multiple chains’ assets and engage with millions [of] DApps (decentralized applications).”Traders use data from DEX aggregators to find the best-priced trades across various decentralized exchanges.In March, OKX announced it had decided to “temporarily suspend” its DEX aggregator after consulting with regulators.The suspension materialized after hackers stole a staggering $1.4 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from the crypto exchange Bybit in February. Pseudonymous on-chain investigator ZachXBT linked the exploit to the Lazarus Group, an infamous North Korean cybercriminal outfit.Ben Zhao, Bybit’s chief executive, said after the hack that $100 million worth of the stolen ETH was moved through OKX’s Web3 proxy.“Out of them, 16,680 ETH we can trace [and] 23,553 ETH or $65 million (~5%) is untraceable, which requires info from OKX Web3.”In March, Bloomberg, citing “people with knowledge of the matter,” reported that European Union (EU) crypto regulators were looking into OKX.OKX acknowledged that it detected a coordinated effort by the Lazarus Group to misuse its decentralized finance (DeFi) services.Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionSurf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.Generated Image: MidjourneyThe post Crypto Exchange OKX To Launch New Security System After Scrutiny From EU Regulators appeared first on The Daily Hodl.