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OKX Web3: Taking a Stand Against Financial Crime

To our community and beyond, we want to address some of the recent developments surrounding OKX Web3. Over the past few days, we've faced targeted media attacks questioning our integrity and operations. While we usually stay focused on building and protecting the industry, we can't ignore the fact that these attacks are happening at a time when we are actively fighting against financial crime.

Recently, we detected a coordinated effort by Lazarus group to misuse our defi services. At the same time, we've noticed an increase in competitive attacks aiming to undermine our work.

Rather than shy away, we chose to take decisive action.

After consulting with regulators, we made the proactive decision to temporarily suspend our DEX aggregator services. This move allows us to implement additional upgrades to prevent further misuse. We know that transparency is key, so we're also working closely with blockchain explorers to correct incomplete labeling. Our goal is to ensure that explorers properly highlight the actual DEX processing trades rather than mistakenly identifying our aggregator as the point of trade.

Beyond that, we've already rolled out:

  1. A hacker address detection system for its Web3 DEX aggregator, which was launched a few days ago.

  2. A system to track the hacker's latest addresses and block them in the CEX system in real-time.

The measures reflect our ongoing efforts to stay ahead of malicious actors and protect our customers.

One thing we want to make absolutely clear: OKX Web3 is a DEX aggregator, not a custodian of customer assets. Our role is to provide access to liquidity across multiple protocols, offering users the most efficient peer-to-peer trading experience possible. Despite this, some have deliberately misrepresented our platform, undermining not just OKX Web3 but also the broader industry and regulatory conversations.

Trust is everything in this space. That's why we remain committed to tightening safeguards, ensuring transparency, and upholding regulatory standards. We urge our community to see these attacks for what they really are - deliberate attempts to mischaracterize our role and the value we bring to the ecosystem.

We will continue to innovate, protect our customers, and advocate for a more transparent and responsible digital asset space.

Thank you for standing with us. More updates to come soon!

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Information about: digital currency exchange services is prepared by OKX Australia Pty Ltd (ABN 22 636 269 040); derivatives and margin by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035) and is only intended for wholesale clients (within the meaning of the Corporations Act 2001 (Cth)); and other products and services by the relevant OKX entities which offer them (see Terms of Service). Information is general in nature and should not be taken as investment advice, personal recommendation or an offer of (or solicitation to) buy any crypto or related products. You should do your own research and obtain professional advice, including to ensure you understand the risks associated with these products, before you make a decision about them. Past performance is not indicative of future performance - never risk more than you are prepared to lose. Read our Terms of Service and Risk Disclosure Statement for more information.
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