Crypto Exchange OKX To Launch New Security System After Scrutiny From EU Regulators

OKX Launches Enhanced Security System for Decentralized Exchange (DEX) Aggregator

After facing regulatory scrutiny earlier this year following the Bybit hack, OKX is relaunching its decentralized exchange (DEX) aggregator with a new and improved security system. OKX CEO, Star Xu, took to social media platform X to announce the restart of OKX’s DEX with a robust “real-time abuse-detecting and blocking system.”

Xu emphasized that OKX Web3 serves as the “Chrome and search engine to the blockchain,” allowing customers to access real-time data from hundreds of chains, manage assets across multiple chains, and interact with numerous decentralized applications (DApps).

Traders rely on DEX aggregators to find the best-priced trades across various decentralized exchanges, making them an essential tool in the decentralized finance (DeFi) ecosystem.

In the wake of the record-setting Bybit hack where hackers made off with $1.4 billion worth of Ethereum and Lido Staked Ether, OKX made the decision to temporarily suspend its DEX aggregator after consultations with regulators. The exploit was linked to the Lazarus Group, a notorious North Korean cybercriminal organization.

Bybit’s CEO, Ben Zhao, revealed that a portion of the stolen ETH was traced to OKX’s Web3 proxy, raising concerns about the platform’s security measures.

Reports surfaced in March that European Union (EU) crypto regulators were investigating OKX in connection with the Bybit hack. OKX acknowledged detecting a coordinated effort by the Lazarus Group to misuse its DeFi services, prompting the platform to bolster its security protocols.