European regulators are examining the connection between OKX services and the laundering of assets stolen from Bybit. This is reported by Bloomberg, citing its own sources.
The focus is on the OKX Web3 platform, which provides access to a DEX aggregator and a non-custodial wallet. According to a statement by Bybit CEO Ben Zhou, hackers from the North Korean group Lazarus funneled 40,233 ETH, or $100 million, through the service.
According to Bloomberg, on March 6, representatives of national EU regulators discussed this issue at a meeting of the Standing Committee on Digital Finance of the European Securities and Markets Authority.
Participants in the discussion argued that OKX Web3 falls under MiCA regulations, despite the exclusion of decentralized services. The exchange may allegedly be scrutinized for potential violations of sanctions against North Korea.
In February, OKX announced that it had passported its services in the European Economic Area in accordance with current regulations. The exchange received its MiCA license in Malta in January.
Local regulators promised to hold meetings with the platform’s management to discuss the incident. They have not announced any official measures against the exchange.
OKX described the Bloomberg article as “misleading.”
The Bloomberg article is misleading. Like all other major crypto exchanges, OKX provides a self-custody wallet service/swap feature that serves as an aggregator to create efficiency for the users. When Bybit got hacked, we reacted in two ways. (1) We froze associated funds moving… https://t.co/HUUmA8W2eq
— OKX (@okx) March 11, 2025
The platform assured that no investigation is being conducted against it.
“We completely refute Bybit’s false claims, which lead to misinformation about our role in what started as a serious security vulnerability on their exchange,” the statement reads.
According to the team, OKX responded to the hack with two measures:
- froze funds associated with the hackers on the CEX;
- implemented a feature to detect/block malicious addresses to prevent the use of its DEX and wallets.
Back in February, OKX admitted to violating US anti-money laundering laws and agreed to pay over $504 million in fines and restitution.