OKX Halts DeFi Services Amid EU Probe into $1.5B Crypto Laundering Scandal

Crypto Exchange OKX Suspends DeFi Service After EU Scrutiny

According to Bloomberg, OKX, a prominent digital-asset exchange, has temporarily suspended its decentralized exchange (DEX) aggregator services. This decision follows scrutiny from European regulators after the service was reportedly used by hackers to launder proceeds from a $1.5 billion heist on the trading platform Bybit. OKX stated that the suspension would allow them to implement additional upgrades to prevent further misuse. The move highlights the increasing regulatory pressure on crypto platforms to ensure compliance and security.

Secret Service Targets Russian Crypto Exchange Garantex

The Daily Hodl reports that the U.S. Secret Service has launched an operation against the Russian crypto exchange Garantex, accusing it of facilitating the laundering of hundreds of millions of dollars in criminal proceeds. The exchange's operators, Aleksandr Mira Serda and Aleksej Besciokov, face charges including conspiracy to commit money laundering, with potential sentences of up to 20 years. Authorities have seized $26 million in funds and three domain names linked to Garantex. Additionally, stablecoin issuer Tether blocked wallets associated with the platform, containing approximately $28 million. This crackdown underscores the global effort to combat illicit activities in the crypto space.

OKX Halts Services Amid Alleged Misuse by North Korean Hackers

CNBC reports that OKX has paused some of its services due to alleged misuse by North Korean hackers. The exchange's DEX aggregator services were reportedly exploited for laundering stolen funds. OKX emphasized that the suspension is a proactive measure to enhance security and prevent further misuse. This incident highlights the ongoing challenges crypto platforms face in safeguarding their systems against cyber threats.

Bitcoin Experiences 30% Retracement Amid Selling Pressure

Cointelegraph reveals that Bitcoin has undergone a significant 30% correction, dropping from its all-time high of $109,590 on January 20 to a low of $77,041 during the week of March 9-15. The decline was driven by selling pressure from short-term holders, who have faced unrealized losses. Despite this, Bitcoin has rebounded by 9.5%, trading at around $84,357. Analysts suggest that institutional demand at these lower levels could stabilize the market and potentially lead to a recovery. However, ongoing outflows from Bitcoin ETFs, totaling $920 million during the same week, indicate that institutional buyers have yet to return in full force.

Kraken to Launch Ultra-Low Latency Trading Service

CoinDesk reports that Kraken is set to introduce a colocation service offering ultra-low latency trading in the coming weeks. The service, targeting traders in London, promises execution speeds of under a millisecond. Kraken aims to make this service accessible to all clients, not just institutions, aligning with the crypto industry's values of fairness and transparency. The exchange's clients will have access to the service through a European data center, with the option to install physical hardware for direct access. Kraken's move reflects the growing demand for high-speed trading solutions in the volatile crypto market.

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