🕵️ OKX vs. Bloomberg: Clearing the Air on Bybit Hack Allegations

🔥 The Accusations: Is OKX Under Investigation?

A Bloomberg report claimed that European regulators are scrutinizing OKX’s Web3 service for allegedly laundering funds stolen in the $1.5 billion Bybit hack. OKX denies any investigation, insisting its Web3 service is merely a self-custodial wallet and exchange aggregator—not a platform for illicit activity.

💰 What Happened in the Bybit Hack?

• February 2025: Bybit suffered a $1.5 billion security breach.
• $100 million of the stolen funds reportedly flowed through OKX.
• Bloomberg suggested regulators are assessing OKX’s MiCA compliance in Europe.

⚖️ OKX’s Response: “The Report Is Misleading”

OKX rejected the claims, emphasizing its self-custodial nature:

🗨️ "Like all major crypto exchanges, OKX provides a self-custodial wallet and exchange aggregation service. After the Bybit hack, we immediately:
1️⃣ Froze all related funds on our centralized exchange.
2️⃣ Developed a feature to block hacker addresses from using our DEX or wallet."

CEO Star Xu also fired back at Bybit:

🗨️ "Bybit lacks basic knowledge of self-custodial wallets. Ironically, they even built their Web3 wallet and DEX using our API."

🔑 Decentralization: Why Web3 Services Aren’t Liable

OKX argues that self-custodial wallets do not control user funds, making it impossible for them to facilitate money laundering. The exchange also confirmed its cooperation with law enforcement and Bybit to track and recover stolen assets.

📌 TL;DR

OKX denies being under investigation and calls Bloomberg’s report misleading. The exchange claims it froze stolen funds and reinforced security after the Bybit hack. As regulatory scrutiny increases, OKX maintains that self-custodial Web3 services can’t be held responsible for user actions.