OKX Web3 Relaunches With Enhanced Security After Lazarus Group Threat
1min read Crypto exchange OKX has resumed operations of its decentralized exchange (DEX) aggregator, OKX Web3, after a temporary suspension in March. The suspension was a response to security concerns following the detection of attempts by the Lazarus Group, a notorious North Korean hacking collective, to exploit its decentralized finance (DeFi) services. The relaunch includes a new real-time security system designed to automatically detect and block suspicious activities.
Ask Aime: How can I invest in OKX Web3 safely after its recent security upgrade?
The enhanced security system features a dynamic database that tracks and blocks wallet addresses associated with hackers and other illicit actors in real time. Additionally, the system includes wallet profiling tools that identify users as potential whales or snipers based on their activity. OKX has also implemented proactive alerts to warn users about risky transactions, further bolstering the security of its platform.
The suspension of OKX Web3 occurred amidst heightened regulatory scrutiny. In March, EU financial regulators were investigating OKX’s dex aggregator and wallet services for their potential involvement in laundering funds linked to the $1.4 billion Bybit hack. OKX clarified that its Web3 wallet functions solely as a DEX aggregator and does not hold custody of user assets, addressing concerns stemming from a misunderstanding of how aggregator swaps operate.
The relaunch of OKX Web3 follows closely on the heels of the introduction of OKX Pay, a new self-custodial payments feature. This offering simplifies crypto transfers, allowing users to send USDT and USDC stablecoins with zero fees while maintaining full custody over their assets. OKX has also emphasized that OKX Web3 has undergone rigorous audits by CertiK, Hacken, and SlowMist, and its infrastructure has been extensively tested through a bug bounty program.
The enhanced security measures implemented by OKX are a direct response to the increasing scrutiny from regulators and the need to safeguard users from malicious actors. The real-time abuse detection system and upgraded on-chain security tools are designed to create a safer environment for users to engage with DeFi protocols. The relaunch of OKX Web3 with these advanced security features represents a significant step towards ensuring the safety and security of users' assets within the decentralized finance ecosystem.
