OKX Denies EU Probe Amid Claims of Bybit Hack Funds Laundering

OKX has denied an EU probe as regulators reportedly considered penalties over claims that hackers linked to the Bybit breach laundered $100 million in stolen funds through its Web3 platform.

According to Bloomberg, anonymous sources familiar with the discussions stated that officials from the European Securities and Markets Authority (ESMA) and national regulators convened on March 6 to evaluate whether OKX’s Web3 platform should be subject to the EU’s Markets in Crypto-Assets (MiCA) regulations. The discussion comes amid growing scrutiny over the exchange’s compliance with European crypto laws.

OKX denied reports of an investigation in a statement posted on X, dismissing the claims as inaccurate. “The Bloomberg article is misleading. Like all other major crypto exchanges, OKX provides a self-custody wallet service/swap feature that serves as an aggregator to create efficiency for the users,” OKX wrote. 

The Bloomberg article is misleading. Like all other major crypto exchanges, OKX provides a self-custody wallet service/swap feature that serves as an aggregator to create efficiency for the users. When Bybit got hacked, we reacted in two ways. (1) We froze associated funds moving… https://t.co/HUUmA8W2eq

“We want to clarify for our community that (1) OKX is not being investigated (2) This is simply a case of Bybit’s lack of security know-how (3) Our web3 wallet services are no different than what is offered by other industry players,” the exchange added. 

OKX Global Chief Marketing Officer Haider Rafique also addressed the situation, stating that despite the exchange’s efforts to assist Bybit by allocating resources, the company has been spreading misinformation on X and through the media.

We typically don’t respond to false claims and misinformation.

Despite our best efforts to help Bybit actively by directing resources towards them, they appear to be citing misinformation on X and with journalists.

We spoke to Bloomberg today and provided our statement… https://t.co/VJyK9WhKSP

“It is preposterous to suggest that WE as a company would be involved in laundering stolen funds. We did the exact opposite. We froze funds moving to our CEX and launched new features to detect/block hackers’ addresses from using our DEX or wallet services,” Rafique wrote.

However, regulators are reportedly examining a service provided by the crypto exchange that may have been used to launder the stolen funds linked to the Bybit hack. 

Although fully decentralized platforms are exempt from regulation, some authorities argue that OKX’s service is integrated into its main exchange, making it subject to MiCA oversight. During the meeting, a presentation reportedly noted that OKX’s Web3 user interface, token-swapping services, and terms of use indicate control by an OKX Singapore entity, reinforcing the case for regulatory scrutiny under MiCA.

In February 2025, Bybit suffered a significant security breach resulting in the theft of approximately 400,000 Ethereum tokens, valued at around $1.5 billion, marking one of the largest crypto heists to date.

The breach exploited a vulnerability in Bybit’s security infrastructure, specifically targeting its Ethereum wallet. The hackers, identified as North Korea’s Lazarus Group, employed sophisticated methods to siphon the funds.

In response, Bybit’s CEO, Ben Zhou, activated a crisis management plan, securing emergency liquidity from firms like Bitget and Antalpha to stabilize operations and honor withdrawal requests.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.