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OKX stated that it will be temporarily halting its decentralized finance (DeFi) service in order “to address media attacks” that have cast doubt on the company’s credibility.
“While we usually stay focused on building and protecting the industry, we can’t ignore the fact that these attacks are happening at a time when we are actively fighting against financial crime,” the Seychelles-based crypto exchange commented on the “media attack.”
The business said in a news statement dated 17 March 2025 that it had exposed a coordinated attempt by the Lazarus organization to abuse its defi services. “At the same time, we’ve noticed an increase in competitive attacks aiming to undermine our work,” the company stated.
🚨 #OKX Suspends DEX Aggregator Amid $1.5B Bybit Hack Probe
Key Points:
🛑 OKX temporarily halts its DEX aggregator service after regulatory scrutiny.
🕵️ Service allegedly used to launder funds from the massive $1.5 billion Bybit hack.
🌐 Regulators crack down on DeFi… pic.twitter.com/EAjJGpNzUh
— Crypto Spot (@Crypto1spot) March 17, 2025
Users who wanted to get exposure to DeFi without having to deal with multiple platforms and complicated wallet interactions liked OKX’s “one-stop shop” method. But EU authorities have lately taken notice of the business’s DeFi service.
“After consulting with regulators, we made the proactive decision to temporarily suspend our DEX aggregator services,” according to the organization.
Latest Developments in the EU Investigation
The European Union is currently investigating OKX over allegations of laundering $100 million linked to the Bybit hack in February 2025. As a result, EU regulators have warned that OKX could face the revocation of its MiCA license.
This ongoing probe raises serious concerns about regulatory oversight and adherence to the Markets in Crypto-Assets (MiCA) framework, which governs crypto exchanges operating in the EU. During their last meeting on 6 March 2025, regulators reportedly discussed OKX, scrutinizing one of its decentralized tools and assessing whether it aligns with MiCA compliance standards.
MiCA, which took effect in late 2024, mandates that decentralized applications (dApps) and all permissionless tools must adhere to existing legal frameworks. During the meeting, some regulators argued that the tool in question should fall under MiCA’s jurisdiction, requiring stricter compliance measures.
Under MiCA, authorized exchanges including OKX, Crypto.com, Coinbase, and others are required to safeguard their clients, even those investing in high-risk, high-reward cryptocurrencies. These platforms are also held accountable for any instances of fund mismanagement or fraudulent activities.
OKX Strengthens Security to Prevent Further DEX Aggregator Misuse
In response, OKX announced that it is collaborating with blockchain explorers to enhance labeling accuracy.
“Our goal is to ensure that explorers properly highlight the actual DEX processing trades rather than mistakenly identifying our aggregator as the point of trade,” the company stated.
Additionally, OKX has introduced a hacker address detection system for its Web3 DEX aggregator, which was recently launched. The company has also implemented a system to monitor and block the latest hacker addresses in real-time within its centralized exchange (CEX) system.
“One thing we want to make absolutely clear: OKX Web3 is a DEX aggregator, not a custodian of customer assets,” OKX emphasized. “We urge our community to see these attacks for what they really are deliberate attempts to mischaracterize our role and the value we bring to the ecosystem.”
