Stroke: the exchange crypto OKX denies any involvement in the case bybit

Okx thought he had won the jackpot in Europe, but now the Bybit is weighed down its hoped -for triumph. Accused of involuntarily facilitated funding for funds from the bybit hack, the crypto exchange must now face a media storm. But this time, OKX does not allow itself to be done: the company categorically denies any investigation of the European Union against it and denounces unfounded accusations. The heart of the problem? Its web3 service, used by hackers to move part of the stolen funds. OKX, however, claims to have taken all the necessary measures to counter these fraudulent activities.

OKX refutes any involvement in the whitening of Bybit funds

THE European regulators would have discussed the role of OKX, an Exchange certified Mica, at a meeting of the Standing Committee for the Digital Finance of ESMA. In question, the Exchange web3 service, which allows users to manage their digital assets decentralized. Bybit says that $ 100 million, or 40,233 ETH, have passed through this platform Before disappearing.

Faced with these allegations, Cited by BloombergOkx does not mince words:

We immediately frozen the suspicious funds and set up filters to block the addresses of hackers.

She also denounces the bybit communicationthat she accuses of spreading erroneous information To divert attention from its own safety flaws.

The company recalls that its web 3 service is in no way different from those offered by its competitors and that its infrastructure complies with the standards of the Crypto market.

However, the pressure rises. Okx finds himself despite himself in the spotlight while European regulators seek to strengthen the control of crypto exchanges. Could Europe, which do not joke with decentralized finance, decide to accelerate the implementation of new sanctions against OKX? Uncertainty hovers.

If the defense of OKX is solid, public opinion and institutions may not see theindirect exchange involvement in this laundering case. How far will the authorities go to guarantee strict regulation?

Crypto regulation in Europe: OKX under the threat of Mica?

L'Entry into force of the Mica regulation in June has strengthened the legal framework for digital assets in Europe. OKX, who recently obtained a license to operate on the continent, must now clarify if his web3 service falls under this regulation. If European regulators believe that Whit has contravened these rules, Sanctions could be envisaged.

• The Mica license applies to centralized crypto exchange services;
• OKX operates a decentralized portfolio connecting more than 100 blockchains;
• The EU must decide whether this activity is concerned by regulation.

For OKX, this is a crucial battle. Its model is partly based on decentralized servicesand any attempt to force him into the regulatory framework of Mica could change the situation. In addition, some EU member states, such as Austria and Croatiabelieve that OKX web3 services should be subject to the same obligations as centralized exchanges.

Haider Rave, Marketing Director, defends the exchange beak and nails:

“” It is absurd to suggest that we would have participated in money laundering. We have taken all the necessary precautions to block suspicious transactions. »»

However, the question remains: will the European Union are satisfied with the explanations of OKX or will it decide to intensify its control over the exchanges operating on its territory? The verdict may well redefine the rules of the game for the entire Crypto market.

Finally, to conclude on a freezing note, let us recall that barely a week ago, the Hackers de Bybit managed to whiten all of the $ 1.4 billion stolen. A criminal feat led in just ten days. A record, but not the one that crypto needed.