Bybit Hack: EU Probes OKX for Laundering $100 Million in Stolen Crypto

European regulators have launched an investigation into OKX after hackers used its Web3 platform to launder approximately $100 million in stolen cryptocurrency from the Bybit attack.

📌 Authorities are now assessing whether OKX falls under MiCA (Markets in Crypto-Assets Regulation) and whether sanctions should be imposed.

📌 There is growing debate over whether the exchange could lose its license within the EU.

The investigation comes as European regulators tighten their oversight of crypto exchanges and explore ways to better regulate decentralized finance (DeFi) platforms.

How Did Hackers Use OKX to Launder Money?

According to a Bloomberg report, hackers used OKX Web3 services to move stolen assets—mainly Ethereum (ETH)—through decentralized platforms and cross-chain bridges.

🔹 The attack is considered one of the most sophisticated cyberattacks in the crypto industry.

🔹 The EU is now debating whether OKX’s Web3 platform should be regulated like its main exchange.

🔹 Some regulators argue that OKX is responsible, while others claim fully decentralized platforms are exempt from MiCA regulations.

Did OKX Violate MiCA Rules? Regulators Consider Sanctions

📆 On March 6, regulators from all 27 EU member states met to discuss whether OKX violated MiCA regulations and whether stricter measures should be imposed.

🔹 Austria and Croatia argue that the Web3 platform is linked to OKX’s main exchange and should be regulated.

🔹 Under Article 64 of MiCA, a license can be revoked if an exchange fails to prevent money laundering or violates financial regulations.

🔹 ESMA (European Securities and Markets Authority) and EBA (European Banking Authority) are pushing for further investigations into OKX.

Malta Reconsiders OKX’s MiCA License

Malta, which granted OKX preliminary MiCA authorization, is now reviewing its validity.

📌 OKX secured approval in January to operate within the European Economic Area (EEA).

📌 Following the Bybit hack, Malta’s financial regulator is reconsidering whether to revoke the license.

📌 EU officials will meet with OKX executives to address the situation.

If regulators find MiCA violations, OKX could face sanctions or even be banned from operating in the EU.

📢 What are your thoughts on increasing crypto exchange regulations? Should OKX be held accountable for laundering stolen funds?


#BybitHack , #CryptoSecurity , #blockchain , #CyberSecurity , #ETH


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