Decentralized Exchange

OKX Suspends Decentralized Exchange Operations After Consulting With Regulators To Combat Financial Crime

Published

3 months ago

March 18, 2025

The crypto exchange OKX has decided to “temporarily suspend” its decentralized exchange (DEX) aggregator after consulting with regulators.

Traders use data from DEX aggregators to find the best-priced trades across various decentralized exchanges.

OKX’s aggregator has recently come under scrutiny. Last month, hackers stole a staggering $1.4 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from the crypto exchange Bybit. Pseudonymous on-chain investigator ZachXBT linked the exploit to the Lazarus Group, an infamous North Korean cybercriminal outfit.

Earlier this month, Ben Zhao, Bybit’s chief executive, said $100 million worth of the stolen ETH was moved through OKX’s web3 proxy.

“Out of them, 16,680 ETH we can trace [and] 23,553 ETH or $65 million (~5%) is untraceable, which requires info from OKX web3 wallet.”

Last week, Bloomberg, citing “people with knowledge of the matter,” reported that European Union (EU) crypto regulators were looking into OKX.

This weekend, OKX said it detected a coordinated effort by the Lazarus Group to misuse its decentralized finance (DeFi) services. In response, the exchange noted that it had made the “proactive decision” to temporarily suspend its 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:

A hacker address detection system for its Web3 DEX aggregator, which was launched a few days ago.
A system to track the hacker’s latest addresses and block them in the CEX (centralized exchange) system in real-time…

One thing we want to make absolutely clear: OKX Web3 is a DEX aggregator, not a custodian of customer assets.”

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BBRL

XRP Marks Another Milestone As Dubai Brings $16 Billion In Real Estate Company To The Blockchain – Details

Published

6 days ago

May 28, 2025

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XRP has achieved another impressive milestone with the Dubai Land Department’s announcement of a $16 billion real estate tokenization project on the XRP Ledger (XRPL). This development has been lauded as one of the factors that could spark an XRP price rally.

XRP Records Milestone With New Dubai Land Department Project

In a press release, Ctrl Alt revealed that it has partnered with Dubai Land Department (DLD) to develop a secure and compliant tokenization framework. The project will focus on structuring, minting, and tokenizing real estate deeds on the blockchain. The release also mentioned that the XRP Ledger has been chosen for the tokenization project, representing a huge achievement for the XRP ecosystem.

Ctrl Alt noted that the XRP Ledger is a decentralized layer-1 blockchain, which is renowned for its decade-long reliability and stability in tokenizing and exchanging digital and real-world assets. This move is expected to further enhance the network’s utility and ultimately increase demand for XRP, the network’s native token.

Ripple Executive Reece Merrick commented on the development, noting that the Dubai Land Department forecasts a $16 billion tokenized real estate market by 2033. This represents 7% of total property transactions, which would be processed on the XRP Ledger.

Pro-XRP lawyer John Deaton also commented on this milestone. In an X post, he remarked that people fail to realize that the XRP Ledger, which was created in 2012, has the world’s first decentralized exchange (DEX). He added that this DEX was designed for RWA tokenization, such as real estate, indicating that the XRPL is the perfect choice for the DLD.

Crypto analyst Cryptoinsight highlighted how bullish this milestone is for the XRP price, predicting that it could be one of the catalysts that sparks a rally to $12. This will mark a new all-time high (ATH) for the altcoin.

Other Recent Milestones For XRP And The XRP Ledger

XRP has recorded some other milestones in the last week. Brazil’s Braza Group announced that its new USD-backed stablecoin, USDB, will launch on the XRP Ledger. This will give individuals and institutions a seamless and secure way to move value across borders. It is worth mentioning that Braza had already launched the BBRL, a Real-backed stablecoin, on the XRP Ledger earlier this year.

Meanwhile, Schuman Financial’s EURØP became the first MiCA-compliant euro stablecoin on the XRP Ledger last week. Ripple noted that this is a key step toward compliant stablecoin adoption, enabling payments, tokenized real-world assets (RWAs), and on-chain finance in the European market. Mayukha Vadari, a software engineer at Ripple, has also teased a number of exciting new features coming soon to the XRP Ledger.

At the time of writing, the XRP price is trading at around $2.30, up in the last 24 hours, according to data from CoinMarketCap.