Cryptocurrency exchange OKX announced the temporary suspension of its DeFi services after consulting with regulatory authorities.
Bybit Hack Incident and OKX
Last month, a cyberattack on the Bybit platform resulted in the theft of Ethereum and Lido Staked Ether worth $1.4 billion. On-chain researcher ZachXBT highlighted that the attack may be linked to the North Korean Lazarus Group. Since the attackers utilized OKX's DeFi platform, European regulatory bodies have intensified scrutiny of OKX. However, as the platform is public, the exchange does not bear negligence.
Updates and Security Measures
After detecting attempts by the Lazarus Group to exploit decentralized finance services, OKX decided to implement additional security updates. The platform collaborates with blockchain research platforms to address its reputation issues. A new hacker address detection system for a Web3 DEX aggregator was recently launched. Additionally, systems to monitor and block new attacker addresses in real-time will be implemented.
Consequences and OKX Responses
Ben Zhao, CEO of Bybit, noted that $100 million of the stolen Ethereum was transferred through OKX Web3. OKX emphasizes the difference between the security of customer assets and decentralized platforms. An OKX official stated that these measures allow further updates to be implemented and misuse to be prevented. The exchange continues its efforts to mitigate cyberattacks' impacts by maintaining regulatory reviews and security updates.
Following the temporary suspension of the service, OKX continues its efforts to prevent similar incidents through new measures and cooperation with regulators.
