OKX Halts DEX Aggregator Amid EU Hacking Probe REX Shares Launches Bitcoin Corporate Bond ETF Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves

Cryptocurrency exchange OKX has temporarily disabled its decentralized exchange (DEX) aggregator following inquiries from European Union regulators over its use by North Korean hackers to launder proceeds from the Bybit hack. The EU investigation focused on OKX’s Web3 services and their alleged role in laundering the proceeds from the Bybit hack. OKX President Hong Fang and other executives suggested that reports on the investigation, however, were “misleading” and asserted the company’s commitment to combatting financial crime. In a message sent to CoinDesk, OKX said the firm is addressing a “tagging issue with explorers that highlights OKX DEX aggregator as the destination of trades when in fact, OKX DEX aggregator just looks for the best price to execute the order, and then the final order/trade is placed on one of the DEXs our aggregator connects to.” OKX’s DEX aggregator was halted as the firm implements new tagging and security updates.

REX Shares, an exchange-traded fund provider overseeing $6 billion in assets under management, has launched a Bitcoin Corporate Convertible Bond (BMAX) ETF, investing in convertible bonds of companies using BTC as a corporate reserve asset. Convertible notes are bonds that can be converted into shares at a predetermined date if the investor so chooses. Companies including Strategy, the largest corporate holder of bitcoin, often issued convertible notes to raise funds to add to their BTC holdings. “Until now, these bonds have been difficult for individual investors to reach. BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor — leveraging corporate debt to acquire Bitcoin as a treasury asset,” said Greg King, CEO of REX Financial. The fund provides indirect exposure to bitcoin by allowing investors to gain exposure to convertible bonds from companies accumulating the cryptocurrency.

The Bank of Korea (BOK) has ruled out incorporating bitcoin into its foreign exchange reserves, citing the cryptocurrency’s inherent volatility as a primary obstacle. Responding to a query from a member of the National Assembly’s Strategy and Finance Committee, the BOK expressed concerns that BTC’s high volatility could lead to a surge in transaction costs when cashing out. On top of that, the central bank said the cryptocurrency does not comply with the International Monetary Fund’s guidelines for foreign exchange reserves, which emphasize the importance of liquidity, market depth, and minimal credit risk. BOK’s stance aligns with that of several other major central banks, including those in Japan, Switzerland, and the European Central Bank. It comes, however, after U.S. President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve.