OKX is restarting its decentralized alternate (DEX) aggregator with a brand new safety system after falling into sizzling water with regulators earlier this yr amid fallout from the record-setting Bybit hack.
OKX chief government Star Xu announced on the social media platform X on Sunday that OKX’s DEX would restart with a “real-time abuse-detecting and blocking system.”
“OKX Web3 is [the] Chrome and search engine to [the] blockchain. [Based] on our understanding of on-chain information, we assist clients entry lots of [of] chains’ real-time information, handle a number of chains’ property and interact with hundreds of thousands [of] DApps (decentralized purposes).”
Merchants use information from DEX aggregators to search out the best-priced trades throughout numerous decentralized exchanges.
In March, OKX announced it had determined to “briefly droop” its DEX aggregator after consulting with regulators.
The suspension materialized after hackers stole a staggering $1.4 billion value of Ethereum (ETH) and Lido Staked Ether (stETH) from the crypto alternate Bybit in February. Pseudonymous on-chain investigator ZachXBT linked the exploit to the Lazarus Group, an notorious North Korean cybercriminal outfit.
Ben Zhao, Bybit’s chief government, said after the hack that $100 million value of the stolen ETH was moved via OKX’s Web3 proxy.
“Out of them, 16,680 ETH we are able to hint [and] 23,553 ETH or $65 million (~5%) is untraceable, which requires information from OKX Web3.”
In March, Bloomberg, citing “individuals with data of the matter,” reported that European Union (EU) crypto regulators had been trying into OKX.
OKX acknowledged that it detected a coordinated effort by the Lazarus Group to misuse its decentralized finance (DeFi) providers.
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