OKX Plans to Debut Enhanced Security Protocol in Response to EU Regulatory Scrutiny
Get the latest on all things crypto, including Bitcoin, Ethereum, trading, and more, at The Daily Hodl! Here's the scoop on OKX and its decentralized exchange (DEX) – they're back in action and better than ever!
OKX made the announcement that their DEX would restart with a brand-new security system after a bit of hot water with regulators earlier in the year due to fallout from the Bybit hack. The team’s CEO, Star Xu, shared the news on social media platform X, stating that OKX's DEX is now the go-to Chrome and search engine for the blockchain. This enhanced platform helps customers access real-time data from hundreds of supported chains, manage assets across various networks, and engage with millions of decentralized applications (dApps).
Decentralized exchange (DEX) aggregators, like OKX's, provide traders with data to find the best prices for trades across multiple decentralized exchanges. In March, OKX decided to "temporarily suspend" its DEX after consulting with regulators. The temporary halt came after hackers stole $1.4 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from crypto exchange Bybit in February.[1] ZachXBT, a pseudonymous on-chain investigator, linked the exploit to the Lazarus Group, an infamous North Korean cybercriminal organization.[1]
Ben Zhao, Bybit’s CEO, stated after the hack that $100 million worth of the stolen ETH was moved through OKX’s Web3 proxy.[1] Since OKX detects on-chain data, approximately 16,680 ETH were traceable, but around 23,553 ETH or $65 million was untraceable, requiring information from OKX Web3.[1]
In March, European Union (EU) crypto regulators reportedly took an interest in OKX.[2] OKX acknowledged that it detected a coordinated effort by the Lazarus Group to misuse its decentralized finance (DeFi) services.[2]
With the new security system in place, OKX's DEX is primed to provide a secure and seamless trading experience for its users. The platform now offers real-time transaction monitoring, hacker address detection, automatic blocking of suspicious wallets, and smart money tracking, among other features to ensure a safe trading environment.[3][4]
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- Spotlight: Recent crypto-related analysis and insights, such as predictions for a massive capitulation for Bitcoin if it falls below a major support level, a potential 19x rally for an Ethereum-based altcoin against Bitcoin by the end of the cycle, and trading strategies for top-30 DEX altcoins.[5]
[1] Conor Devitt, May 6, 2025, Regulators, The Daily Hodl, https://thedailyhodl.com/2025/05/06/okx-relaunches-dex-after-links-to-hacking-scandal/
[2] Tzachi Morgenstern, May 6, 2025, Regulators, Blockworks, https://blockworks.co/okx-eu-crypto-regulators-scrutiny/
[3] John Helminick, Feb 22, 2023, How to Build a Decentralized Exchange (DEX): From Aggregators to Trading Bots, Medium, https://medium.com/hey-hey-decentralized/how-to-build-a-decentralized-exchange-dex-from-aggregators-to-trading-bots-2061c80c9ba9
[4] industryaps, May 9, 2025, New Purpose-Built Blockchain T-Rex Raises $17 Million To Transform Attention Layer in Web 3.0, PR Newswire, https://www.prnewswire.com/news-releases/new-purpose-built-blockchain-t-rex-raises-17-million-to-transform-attention-layer-in-web-3-0-301544126.html
[5] The Daily Hodl, May 2, 2025, Massive Capitulation Incoming for Bitcoin if BTC Falls Below Major Support Level, According to Crypto Analyst, The Daily Hodl, https://thedailyhodl.com/2025/05/02/massive-capitulation-incoming-for-bitcoin-if-btc-falls-below-major-support-level-according-to-crypto-analyst/
[6] The Daily Hodl, May 9, 2025, The World's First International Crypto Trading Cup Kicks Off Live, The Daily Hodl, https://thedailyhodl.com/2025/05/09/the-worlds-first-international-crypto-trading-cup-kicks-off-live/
Follow the latest updates on the reinstated OKX DEX, now offering enhanced security features for safer cryptocurrency trading on their blockchain platform. Decentralized exchange aggregators like OKX's allow traders to find optimal crypto trading prices and engage with numerous decentralized applications (dApps). Despite facing regulatory scrutiny due to its ties with the Bybit hack, OKX's new security system ensures a seamless trading experience. Stay informed on the crypto landscape with trusted sources like The Daily Hodl, covering everything from industry announcements to spotlights on top altcoins.
