OKX
$2.14B
has taken down its decentralized exchange (DEX) aggregator, citing security concerns linked to the North Korean hacking group Lazarus.
The exchange announced on March 17 that this temporary suspension would help prevent further misuse and allow time for necessary upgrades. The decision was made after consulting with regulators, though OKX did not specify when the service would resume.
While the aggregator is under review, OKX clarified that existing users can still access wallet services. However, new wallet creation has been restricted in certain regions for the time being. The company’s support team described the decision as an “internal review and upgrade”.
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CEO Star Xu noted that the company has already implemented real-time address tracking, IP restrictions for restricted regions, and other security controls to prevent abuse.
OKX also clarified that its DEX aggregator does not store customer assets, as its primary function is to facilitate access to liquidity across multiple trading platforms.
On March 11, Bloomberg reported that European financial authorities were looking into the platform’s possible connection to the Bybit
$1.92B
security breach, where hackers stole $1.5 billion.
In response, OKX dismissed allegations of wrongdoing, calling Bloomberg’s reporting “misleading”. The company emphasized that when the Bybit hack occurred, it acted quickly by freezing any linked funds before they could enter its centralized exchange (CEX).
It also stated that new security measures were introduced to enhance its ability to detect and block similar threats in the future.
On March 6, Garantex, a Russia-based crypto exchange, halted all services and put its website under maintenance. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
