David retweetou
OKX Web3 wallet is a pure self custody software, as everybody knows. OKX DEX is a DEX aggregator and provides people with the cheapest routes to various DEXs. It’s exactly the same product offered by a lot of popular web3 companies.
According to Bloomberg report, bybit appears to blame OKX by suggesting we assist the hacker’s to launder stolen funds, “The hackers have laundered about $100 million of crypto they stole through the OKX Web3 platform, according to Bybit.” This is incorrect and misleading. @Bybit_Official @benbybit
I can’t understand why bybit keeps making this ridiculous statement without showing understanding of basic facts about self custody technology. Actually, Bybit built their own web3 wallet and DEX base using our Wallet/DEX API.
OKX Web3 wallet to dapps is like Chrome to websites. Without OKX Web3, the users have hundreds other wallet options to replace us.
After the Bybit hacking incident happened, the OKX law enforcement response team gave Bybit a direct email thread to prioritize the communications with them. Our legal team spoke to bybit legal team directly to offer any help. We conducted multiple freezes since our engagement. We don't disclose exact numbers to avoid tipping off hackers. When Bybit stated they couldn't track the funds after cross-chain bridge activity, we offered technical support by guiding them on how to do it.
We developed a system to realtime track the hacker’s latest address and block in our CEX system. We also developed an hacker’s address detection system urgently for the Web3 DEX and launched it in a couple of days.
We understand the pressure of bybit team of being hacked. And would like to continue offering all necessary assistance to them. But we also expect them to understand self custody technology and stop creating unnecessary FUD.
As usual, our efforts are strengthening the entire ecosystem, and to help companies like Bybit have a better understanding of wallet security and tracing funds, so they are better prepared for the future.
OKX Web3 maintains technical controls like IP blocking of users from prohibited countries, and the ability to block flagged addresses. We always cooperate with global regulators and would be happy to discuss with them about the potential web3 regulations in the future.
Bloomberg Crypto@crypto
European crypto regulators are scrutinizing the use of a service offered by OKX, one of the largest digital-asset exchanges, by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit trib.al/otm8p5I
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