OKX Web3 wallet is a pure self custody software, as everybody knows. OKX DEX is a DEX aggregator and provides people with the cheapest routes to various DEXs. It’s exactly the same product offered by a lot of popular web3 companies.
According to Bloomberg report, bybit appears to blame OKX by suggesting we assist the hacker’s to launder stolen funds, “The hackers have laundered about $100 million of crypto they stole through the OKX Web3 platform, according to Bybit.” This is incorrect and misleading. @Bybit_Official@benbybit
I can’t understand why bybit keeps making this ridiculous statement without showing understanding of basic facts about self custody technology. Actually, Bybit built their own web3 wallet and DEX base using our Wallet/DEX API.
OKX Web3 wallet to dapps is like Chrome to websites. Without OKX Web3, the users have hundreds other wallet options to replace us.
After the Bybit hacking incident happened, the OKX law enforcement response team gave Bybit a direct email thread to prioritize the communications with them. Our legal team spoke to bybit legal team directly to offer any help. We conducted multiple freezes since our engagement. We don't disclose exact numbers to avoid tipping off hackers. When Bybit stated they couldn't track the funds after cross-chain bridge activity, we offered technical support by guiding them on how to do it.
We developed a system to realtime track the hacker’s latest address and block in our CEX system. We also developed an hacker’s address detection system urgently for the Web3 DEX and launched it in a couple of days.
We understand the pressure of bybit team of being hacked. And would like to continue offering all necessary assistance to them. But we also expect them to understand self custody technology and stop creating unnecessary FUD.
As usual, our efforts are strengthening the entire ecosystem, and to help companies like Bybit have a better understanding of wallet security and tracing funds, so they are better prepared for the future.
OKX Web3 maintains technical controls like IP blocking of users from prohibited countries, and the ability to block flagged addresses. We always cooperate with global regulators and would be happy to discuss with them about the potential web3 regulations in the future.
OKX provide wide range of service, from crypto exchange, #OKXWallet to explorer and builder tool, we serve to all types of users. We are committed to keep expanding our product offering and support the needs of our global community so every user has access to best tool and service in the industry.
Why use stablecoins for payments? 💡
• Fast transactions
• Lower fees than traditional methods
• 24/7 availability
• Borderless transfers
Stablecoins are revolutionizing how we think about money movement @okx
Types of stablecoins:
1️⃣ Fiat-collateralized (backed by USD)
2️⃣ Crypto-collateralized (backed by other cryptocurrencies)
3️⃣ Algorithmic (use smart contracts to maintain peg)
Each type has its own pros and cons. Which interests you most?
What are stablecoins? 🤔 They're cryptocurrencies designed to maintain a stable value, often pegged to a fiat currency like USD. This stability makes them ideal for everyday transactions and as a bridge between traditional and crypto finance. #okx
#Token2049 has come to an end, but A New Alternative is just beginning.
Iconic panels, epic connections—this year was truly special. The energy, innovation, and community vibes were unmatched. 🖤
More ⬇️ See ya next time 🫡
🎙 Lando Norris about racing Verstappen and Hamilton:
"Pretty cool that I'm here, there're wcs, 150 wins, I got nothing compared to them..
I think they both drive with respect and are clean racing drivers.
Just respect and I enjoy being here with 2 greats of the sport."
Reimagined for an onchain future, #OKXWallet offers seamless access to millions of opportunities onchain:
🔑 Self-managed
💎 1 million tokens w 120K added weekly
⚡ Super-fast price quotes & swaps in 50ms
🔒 No.1 cybersecurity ranking by Certik
Try it: https://t.co/mU0vEceHIw
A nod to history, a step into the future.
Proud to unveil our #LegendReborn livery with @McLarenF1 for the Singapore GP — reviving the iconic MP4 spirit on the McL38.
Papaya fans & our crypto family, united by a shared pursuit of greatness.
📢 Hot Off The Press 📢
We're proud to publish our May 2024 #ProofOfReserves report showcasing reserve ratios of over 100% for 22 assets with nearly 700K public wallet addresses published.
This is our 19th consecutive PoR report.
Don't trust, verify: https://t.co/5NzTTDz08t