Wallet

OKX clarifies: Web3 wallet services are not under investigation by EU regulators

ChainCatcher news, OKX responded on social media regarding the scrutiny of its Web3 services by EU regulators, stating, "The Bloomberg article is misleading. Like all other major cryptocurrency exchanges, OKX offers self-custody wallet services/exchange functions, acting as an aggregator to create efficiency for users. When Bybit was hacked, we took two measures: froze the relevant funds entering the CEX; developed a new feature that can detect and block hacker addresses from using our DEX or wallet services.Bybit's statement spread misinformation among journalists. OKX clarifies to the community: OKX is not under investigation; this is merely a case of Bybit's lack of security knowledge; our Web3 wallet services are no different from those offered by other industry participants."Previously, Bloomberg reported that sources familiar with the matter said that European cryptocurrency regulators are reviewing the usage of a service provided by the cryptocurrency exchange OKX, which hackers used to launder $1.5 billion in stolen funds from the trading platform Bybit. These individuals requested anonymity as the review process is confidential. They stated that national regulators from the 27 EU member states discussed the issue at a meeting hosted by the European Securities and Markets Authority's Digital Finance Standing Committee on March 6. OKX is regulated under the EU's new Markets in Crypto-Assets Regulation.
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