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.
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