Crypto exchange OKX has officially relaunched its decentralized exchange (DEX) aggregator, OKX Web3, after a temporary suspension in March due to a security breach linked to the North Korean state-sponsored Lazarus Group. The relaunch of OKX Web3 comes with a range of enhanced security upgrades aimed at preventing further exploitation by malicious actors in the future.
In a recent announcement on X (formerly Twitter) on May 4, OKX founder and CEO Star Xu revealed the return of the service, now equipped with a real-time abuse detecting and blocking system. Xu described OKX Web3 as a “browser and search engine for blockchain,” providing users with aggregated data from various decentralized exchanges and market makers to streamline trading activities.
The new security upgrades implemented by OKX include a dynamic database of suspect addresses that actively blocks known hacker activities in real-time and issues proactive warnings to users when potentially risky transactions are detected. To further enhance credibility, OKX has had its systems audited by leading blockchain security firms such as CertiK, Hacken, and SlowMist, and has undergone stress testing through an ongoing bug bounty program.
One of the notable features of the revamped OKX Web3 platform is an improved on-chain analysis tool that categorizes wallet holders, identifying patterns that may indicate whale activity or sniper trading strategies. This intelligence layer aims to promote transparency and security within the decentralized ecosystem.
The decision to suspend OKX’s DEX aggregator back in March was prompted by concerns that the Lazarus Group was exploiting the platform to move illicit funds. Following the suspension, OKX committed to implementing upgrades to prevent further misuse, including a system to track and block addresses associated with hackers.
The incident involving the Lazarus Group drew increased scrutiny, particularly after a Bloomberg report in March suggested that European Union regulators were investigating OKX’s DEX aggregator for potential involvement in laundering funds from the $1.4 billion Bybit hack in February. OKX refuted these claims, clarifying that its wallet service is non-custodial and functions solely as a swap aggregator.
In response to accusations from Tron founder Justin Sun over the weekend, OKX CEO Star Xu defended the exchange against claims that it failed to act on a law enforcement request to freeze stolen funds linked to a hack of Tron’s official X account. Sun alleged that OKX ignored a freeze notice from law enforcement following the breach, during which Tron’s X account was compromised. Xu dismissed the allegations, stating that OKX has a consumer protection policy governed by law.
The relaunch of OKX’s DEX aggregator and the implementation of enhanced security upgrades mark a significant step towards fortifying the platform against potential security threats and ensuring a more secure trading environment for users.