{"id":17379,"date":"2025-03-12T12:01:57","date_gmt":"2025-03-12T12:01:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17379"},"modified":"2025-03-12T12:01:57","modified_gmt":"2025-03-12T12:01:57","slug":"eu-regulators-investigate-okx-over-alleged-role-in-bybit-hack-money-laundering","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17379","title":{"rendered":"EU Regulators Investigate OKX Over Alleged Role In Bybit Hack Money Laundering"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">European Union regulators are reportedly scrutinizing a service offered by crypto exchange OKX that may have facilitated the laundering of $100 million linked to the Bybit hack, according to Bloomberg.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A 11 March 2025 <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-11\/bybit-crypto-hack-prompts-eu-scrutiny-of-okx-web3-wallet-platform\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">, citing sources familiar with the matter, claims that regulators from various EU member states discussed the issue during a March 6 meeting of the European Securities and Markets Authority\u2019s (ESMA) Digital Finance Standing Committee. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The focus of the inquiry appears to be OKX\u2019s decentralized finance (DeFi) platform and <\/span><span data-preserver-spaces=\"true\">its<\/span><span data-preserver-spaces=\"true\"> wallet service.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">OKX Secures Full MiCA Approval to Operate Across EU<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">OKX, one of the world\u2019s largest cryptocurrency exchanges, announced on Jan. 27 that it had secured full approval under the Markets in Crypto-Assets (MiCA) regulatory framework, allowing it to operate across all EU member states. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, regulators are now assessing whether OKX\u2019s Web3 services fall under MiCA\u2019s jurisdiction and whether the exchange could face penalties if found in violation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bybit CEO Ben Zhou has alleged that approximately $100 million\u2014equivalent to 40,233 Ether (ETH)\u2014from the massive $1.5 billion hack was funneled through OKX\u2019s Web3 proxy, making <\/span><span data-preserver-spaces=\"true\">a portion<\/span><span data-preserver-spaces=\"true\"> of the stolen funds untraceable.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">OKX\u2019s wallet service, which supports 53 million addresses across 100 blockchains, is at the center of the controversy. While decentralized platforms may be exempt from MiCA oversight, regulators from Austria and Croatia reportedly argue that OKX\u2019s Web3 service should be subject to EU rules.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">OKX has denied any wrongdoing and dismissed claims of an ongoing EU investigation. In a statement on X, the company accused Bybit of spreading misinformation and defended the integrity of its Web3 wallet services. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Bloomberg article is misleading. Like all other major crypto exchanges, OKX provides a self-custody wallet service\/swap feature that serves as an aggregator to create efficiency for the users. When Bybit got hacked, we reacted in two ways. (1) We froze associated funds moving\u2026 <a href=\"https:\/\/t.co\/HUUmA8W2eq\" target=\"_blank\" rel=\"nofollow\">https:\/\/t.co\/HUUmA8W2eq<\/a><\/p>\n<p>\u2014 OKX (@okx) <a href=\"https:\/\/twitter.com\/okx\/status\/1899486632069263843?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">March 11, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Haider Rafique, OKX Global\u2019s chief marketing officer, reinforced this stance, calling the allegations \u201cpreposterous\u201d and denying <\/span><span data-preserver-spaces=\"true\">any<\/span><span data-preserver-spaces=\"true\"> involvement in laundering stolen funds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Bybit hack, which resulted in the theft of $1.5 billion in ETH and related tokens, is <\/span><span data-preserver-spaces=\"true\">considered<\/span><span data-preserver-spaces=\"true\"> the largest crypto hack to date. Crypto investigators have attributed the attack to the Lazarus Group, a North Korean hacking syndicate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Zhou, who has vowed to take action against the group, revealed that while 3% of the stolen funds have been frozen, 20% have become untraceable.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">North Korean Hackers Already Laundered $300M<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">North Korean hackers have successfully laundered at least $300 million from their record-breaking $1.5 billion cryptocurrency heist, making it nearly impossible to recover.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Analysis from Bybit and Elliptic\u00a0suggests that 20% of the stolen funds\u00a0have already \u201cgone dark,\u201d meaning they are unlikely <\/span><span data-preserver-spaces=\"true\">to ever be<\/span><span data-preserver-spaces=\"true\"> recovered.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">3.4.25 Executive Summary on Hacked Funds: <br \/>Total hacked funds of USD 1.4bn around 500k ETH, 77% are still traceable, 20% has gone dark, 3% have been frozen. <br \/>Breakdown: <br \/>\u2013 83%  (417,348 ETH, ~$1B) have been converted into BTC with 6,954 wallets (Average 1.71 btc each) . This and\u2026<\/p>\n<p>\u2014 Ben Zhou (@benbybit) <a href=\"https:\/\/twitter.com\/benbybit\/status\/1896798476945744010?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">March 4, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">To combat <\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\"> hackers, Bybit has launched the Lazarus Bounty Program, offering rewards <\/span><span data-preserver-spaces=\"true\">for<\/span><span data-preserver-spaces=\"true\"> anyone who helps track and freeze stolen assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So far, 20 individuals have received over $4 million in rewards for helping identify $40 million of the stolen funds, leading to their freezing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, experts warn that recovering the remaining assets remains a major challenge, given North Korea\u2019s expertise in hacking and money laundering.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">EU regulators are investigating whether OKX\u2019s Web3 services played a role in laundering $100 million from the Bybit hack.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">OKX denies <\/span><span data-preserver-spaces=\"true\">any<\/span><span data-preserver-spaces=\"true\"> wrongdoing, calling the allegations misinformation and defending its Web3 wallet services.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The Bybit hack, attributed to North Korea\u2019s Lazarus Group, remains the largest crypto theft <\/span><span data-preserver-spaces=\"true\">to date<\/span><span data-preserver-spaces=\"true\">.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/eu-regulators-investigate-okx-over-alleged-role-in-bybit-hack-money-laundering\/\">EU Regulators Investigate OKX Over Alleged Role In Bybit Hack Money Laundering<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>European Union regulators are reportedly scrutinizing a service offered by crypto exchange OKX that may have facilitated the laundering of $100 million linked to the Bybit hack, according to Bloomberg. A 11 March 2025 report, citing sources familiar with the matter, claims that regulators from various EU member states discussed the issue during a March [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-17379","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17379"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17379\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}