OKX Denies Bybit's Misleading Claims Regarding Recent Hack Scrutiny

In a strong rebuttal to claims made by Bybit, OKX stated that it is not under investigation by EU regulators following a recent hack incident involving the Lazarus Group. While Bybit suggested that regulators were focusing on OKX's decentralized services, OKX affirmed its compliance and regulatory standing with a MiCA license secured last month.

OKX's Response to the Allegations

Recently, OKX has been striving to enhance its regulatory credibility, having settled with the U.S. Department of Justice and obtained a MiCA license for operating within the European Union. In response to a Bloomberg article which suggested a regulatory probe into its Web3 services, OKX strongly objected to the misleading claims associated with Bybit's statements.

“The Bloomberg article is misleading. It’s unfortunate Bybit’s statements are spreading misinformation among journalists. We want to clarify for our community that OKX is not being investigated. This is simply a case of Bybit’s lack of security know-how,” OKX shared on X.

A Closer Look at Bybit's Allegations

On March 4, Bybit’s CEO, Ben Zhou, provided details on the Lazarus Group's money laundering tactics, noting that approximately 8% of the funds were laundered using a decentralized OKX wallet, prompting further regulatory discussions. Zhou’s commentary highlighted mutual assistance in addressing the situation.

However, the assertion that OKX was linked to the laundering of around $100 million in stolen funds is a focal point of EU interest. Reports indicate an investigation to determine if OKX's decentralized service aligns with MiCA regulations, potentially implicating them in related sanctions against North Korea.

Despite this, OKX maintains that Bybit's claims are unfounded and reiterates their stance that Bybit's security flaws led to the hack.

“We will continue to help Bybit strengthen the industry. But we absolutely refute the false claims by Bybit that are leading to misinformation about our role in a serious security vulnerability on their exchange,” the firm stated.

OKX's proactive approach to freezing stolen assets demonstrates its commitment to security. Although Bybit has yet to respond to this unfolding situation, clearer communication regarding the facts is crucial.

The reporting by Bloomberg does not indicate an ongoing criminal investigation but mentions private discussions among regulators about the matter, leaving the resolution of the situation open to interpretation.