OKX Halts DEX Aggregator Amid Bybit Hack Fallout
by Jamie Redman
The crypto exchange and blockchain infrastructure provider OKX has “temporarily halted” operations for its decentralized exchange (DEX) aggregation app, “OKX Web3.” This decision comes after the firm previously clarified it implemented safeguards to prevent Bybit hackers from exploiting its platform.
OKX Halts DEX Aggregator Amid Bybit Hack Fallout
OKX Clarifies Web3 Protocol Suspension
Last week, OKX refuted allegations of scrutiny by European regulators regarding potential fund transfers via its DEX aggregation service. The company acknowledged taking preemptive measures to intercept assets linked to the $1.4 billion Bybit security compromise that transpired in late February. On Sunday, OKX released a blog post announcing the temporary suspension of its DEX aggregator functionalities.
“This move allows us to implement additional upgrades to prevent further misuse,” OKX said. “We know that transparency is key, so we’re also working closely with blockchain explorers to correct incomplete labeling. 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.”
OKX disclosed that its team deployed a “detection system” for OKX Web3, a feature introduced just days prior. Furthermore, the firm operates a real-time tracking infrastructure to monitor illicit wallet addresses, empowering its centralized exchange (CEX) to obstruct unauthorized transactions. OKX further emphasized to users that OKX Web3 operates as an inherently non-custodial platform.
The crypto firm stated:
One thing we want to make absolutely clear: OKX Web3 is a DEX aggregator, not a custodian of customer assets.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings