OKX: Bybit Spreading Misinformation

OKX's accusations against Bybit came as a surprise, as the crypto exchange was actively involved in freezing the stolen funds.

OKX representatives have denied rumors that European Union (EU) regulators are investigating the exchange's role in the Bybit hack.

OKX denies EU probe

Leading crypto exchange OKX is working hard to improve its regulatory credentials. Last month, the exchange reached a settlement with the US Department of Justice and received a MiCA license to operate in the EU.

Yesterday, March 11, OKX representatives reacted sharply to a Bloomberg article about European regulators secretly checking the crypto exchange. The publication cited a statement from Bybit, which claimed that authorities were “closely reviewing” the Web3 services offered by OKX.

“The Bloomberg article is misleading. Unfortunately, Bybit is spreading misinformation to journalists. We want to clarify for our community that OKX is not under investigation. This is simply a misunderstanding of Bybit’s security. Our Web3 wallets are no different from other market participants,” the crypto exchange team wrote on X (formerly Twitter).

Misunderstanding with Bybit

Last week, Bybit CEO Ben Zhou shared a detailed analysis of the Lazarus hackers' laundering efforts. He noted that 8% of the funds went through the decentralized wallet OXK. The crypto exchange's president Hong Fang offered to help freeze the cryptocurrency.

That 8% of the stolen funds — about $100 million — has allegedly caught the attention of EU regulators, who Bloomberg reported are trying to determine whether a separate decentralized Web3 service, OKX, falls under MiCA.

The article does not make any new statements from Bybit, other than a rather polite exchange between Zhou and Hong at X. However, OKX's response was much harsher.

“We will continue to help Bybit strengthen its position in the industry. However, we strongly reject the false claims made by the crypto exchange representatives, which lead to misconceptions about our role in resolving the incident, which resulted from a serious security vulnerability on their platform,” OKX said.

So far, Bybit management has not responded to the words of OKX representatives.

Источник: cryptocurrency.tech