OKX has firmly rejected claims that EU regulators are examining its role in the recent Bybit hack, labeling a Bloomberg report as misleading . The exchange insists that it is not under investigation and maintains that its decentralized Web3 services are similar to those offered by other industry players. OKX recently acquired a MiCA license to operate within the European Union, reinforcing its compliance with financial regulations. These allegations arose despite OKX’s active role in helping freeze the stolen funds. The crypto exchange has been making efforts to build regulatory trust, having recently settled a legal matter with the US Department of Justice to improve relations. However, Bloomberg's report suggested that European regulators are quietly analyzing OKX’s Web3 activities, citing statements from Bybit. OKX responded to these claims on X (formerly Twitter), calling them false. It expressed disappointment that Bybit’s remarks contributed to misinformation, emphasizing that its Web3 wallet services are standard within the industry. The exchange criticized Bybit for lacking sufficient security measures, implying that the hack was due to its own vulnerabilities rather than any wrongdoing by OKX. Bybit CEO Ben Zhou provided a detailed account of the money laundering process following the hack, attributing it to the infamous Lazarus Group . He noted that around 8% of the stolen funds —equivalent to roughly $100 million—passed through a decentralized OKX wallet. OKX President Hong Fang reportedly reached out to assist in mitigating losses, and Zhou publicly thanked her at the time. However, this fraction of the stolen assets has now become the focus of EU regulatory concerns. Bloomberg’s report suggests that authorities are determining whether OKX’s decentralized Web3 services fall under MiCA regulations. If so, the EU could argue that OKX violated sanctions against North Korea. However, the article does not provide new claims from Bybit beyond the prior exchange between Zhou and Fang. The original discussion was cooperative, but OKX’s response now conveys frustration with the accusations. OKX strongly denies these allegations, asserting that the blame for the hack lies with Bybit’s security failures. It reiterated its willingness to support the crypto industry but objected to the false narrative suggesting it played a role in the breach. The firm reaffirmed that its cooperation was intended to assist Bybit in minimizing damage, not to expose itself to regulatory scrutiny. When the hack initially occurred, crypto investigator ZachXBT acknowledged OKX’s efforts in freezing illicit transactions. If these actions led to regulatory concerns, it would be understandable why OKX is frustrated. Meanwhile, Bybit has yet to comment on the situation. It’s important to note that Bloomberg did not claim a criminal probe is underway. Instead, it reported that a confidential group of watchdogs is discussing the matter. There is no specific mention of money laundering accusations, but the speculation has still placed OKX in an uncomfortable position.
