European regulators have launched an investigation into OKX platform's potential role in laundering money following a massive cyberattack on Bybit.
OKX Faces Intense Scrutiny
The European Securities and Markets Authority deliberated on the potential use of OKX's Web3 service in laundering approximately $100 million stolen cryptocurrency. It is alleged that hackers linked to North Korea directed funds through the platform.
OKX Responds to Accusations
OKX denied involvement in money laundering, stating its features are similar to other major platforms and are not geared towards illicit transactions. OKX also pointed to security flaws at Bybit as a contributing factor.
Implications for the Industry
The outcome of this regulatory scrutiny could influence future applications of European financial laws to such platforms and potentially lead to sanctions.
The investigation into OKX's role in crypto money laundering may significantly impact future decentralized finance regulation in Europe.
