Key Takeaways:
- EU regulators are investigating whether OKX’s DeFi platform was used to launder $100M from the Bybit hack and if it falls under MiCA regulations.
- OKX denies any EU investigation and calls Bybit’s claims “misinformation”, defending its Web3 wallet services.
- The Bybit hack was the largest crypto heist to date, with $1.5B stolen, allegedly by North Korea’s Lazarus Group.
European regulators are reportedly investigating whether OKX’s Web3 services played a role in laundering $100 million linked to the Bybit hack, according to Bloomberg.
The inquiry, discussed during a March 6 EU meeting, focuses on whether OKX’s decentralized finance platform and wallet fall under the MiCA regulatory framework.
European crypto regulators are scrutinizing the use of a service offered by OKX, one of the largest digital-asset exchanges, by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit https://t.co/FfxTy3n1Qw
— Bloomberg Crypto (@crypto) March 11, 2025
Bybit CEO Ben Zhou claims 40,233 ETH from the $1.5 billion hack was funneled through OKX’s Web3 proxy, with some funds now untraceable.
While fully decentralized platforms may be exempt from MiCA, regulators from Austria and Croatia argue OKX’s services should be subject to EU oversight.
OKX has denied any EU investigation, calling Bybit’s statements “misinformation.” Chief Marketing Officer Haider Rafique dismissed allegations of the exchange’s involvement in laundering stolen funds.
The Bybit hack, attributed to North Korea’s Lazarus Group, is the largest crypto theft to date. Zhou stated that 3% of stolen assets have been frozen, while 20% remain untraceable.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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