Cryptocurrency exchange OKX has temporarily halted its DeFi services after it was revealed they were used to launder funds from the recent Bybit hack.
Suspension of OKX DeFi Services
OKX announced the temporary suspension of its DEX aggregator services after consulting with regulators to implement additional security measures to prevent further misuse.
EU Regulators' Investigation
European regulators have begun examining OKX's DeFi services amid suspicions that they might have violated MiCA guidelines. This scrutiny was prompted by reports of the services being improperly used.
Bybit Hack and Its Consequences
The attack on Bybit is noted as one of the largest cybercrimes on a centralized exchange, during which, according to Bybit CEO Ben Zhou, about $100 million worth of assets were moved through OKX's web3 proxy.
The temporary suspension of OKX's DeFi services highlights the necessity of regulatory compliance and security in the cryptocurrency world following significant hacking incidents.
