Sea 🐸
Sea 🐸|Mar 17, 2025 03:34
I just read the full announcement on the @ OKXChinese website, and combined with the previous interaction between Star and Ben, I understand the reasons behind this upgrade. Core Background On February 21st, North Korean hackers stole $1.5 billion worth of ETH from the Bybit exchange's multi signature wallet by attacking the Safe front-end. Later, hackers used the OKX wallet in the process of cross chain transfer and money laundering, involving $100 million. Due to this matter, the EU intervened in communication with OKX during the investigation of the case. Some opinions The Bybit theft this time is the largest scale hacking incident, and OKX is a self managed wallet with a rapidly growing user base, coupled with strong regulatory intervention in Crypto. When these things come together, they should be the first in the encryption industry. Previously, Uniswap and other DEX were also under investigation by regulatory agencies, and their nature was different from this one. The pressure faced by OKX is unprecedented. The core of this upgrade is to comprehensively tag, track, and isolate addresses related to hackers, money laundering, and other activities, as well as to establish a faster response system. If OKX does not undergo a comprehensive security upgrade and becomes an auxiliary tool for hackers to commit crimes, the entire industry will face greater trouble. In fact, OKX DEX is an aggregator, and the hacker's $100 million in cross chain liquidity at the time was essentially from other platforms. 3/Suspend services to complete security and compliance related product upgrades. After obtaining regulatory approval, users and industry stakeholders can use OKX Wallet more securely and with trust. Short term pain will be exchanged for longer-term trust value. After the upgrade is completed, other DEX using the API (including Bybit Web3 wallet) can also enjoy the corresponding work results. Regulatory oversight DeFi、 The combination of keywords such as non custodial wallets and hackers, as well as the communication between OKX and the European Union, and the upgraded response to product security and compliance, is worth long-term observation. So today, the sudden delisting of aggregated trading without prior notice was a result of regulatory pressure and product upgrades. Recently, the OKX wallet team has been working overtime to solve these issues, and it is estimated that the trading suspension will last for a few days. I look forward to recovering as soon as the upgrade is completed. I'm not used to using FreeOKX on my phone and I'm not used to it
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