Today in crypto, OKX is reportedly under scrutiny from European Union regulators for allegedly facilitating the laundering of funds from the Bybit hack. Meanwhile, analysts warn that Ether’s price could face further declines as ETF outflows and mounting macroeconomic concerns put pressure on the market. Additionally, Mt. Gox has made its second Bitcoin transfer in a week
EU watchdogs scrutinizing OKX over $100M in Bybit laundered funds: Report
European Union regulators are reportedly looking into a service offered by crypto exchange OKX that may have played a role in the laundering of $100 million in funds from the Bybit hack, according to Bloomberg.
A March 11 Bloomberg report citing people familiar with the matter claims that national watchdogs from the EU’s member states discussed the issue during a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The issue appears to be OKX’s decentralized finance platform and wallet service.
On Jan. 27, OKX announced that it had secured a full Markets in Crypto-Assets (MiCA) license to operate across all EU member states under a unified regulatory framework. The question for EU regulators is whether two OKX services fall under the MiCA framework and, if so, whether the exchange could be penalized.
According to Bybit CEO Ben Zhou, nearly $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack had been laundered through OKX’s Web3 proxy, with a portion of the funds now untraceable.
In a statement posted to X, OKX refuted the claim there were any ongoing investigations by the EU, adding that “Bybit’s statements are spreading misinformation” and defending its Web3 wallet services.
Source: OKX
Ether risks correction to $1,800 as ETF outflows, tariff fears continue
Ether is struggling to reverse a near three-month downtrend as macroeconomic concerns and continued selling pressure from US Ether exchange-traded funds (ETFs) weigh on investor sentiment.
Ether (ETH) has fallen by more than 53% since it began its downtrend on Dec. 16, 2024, after it had peaked above $4,100, TradingView data shows.
The downtrend has been fueled by global uncertainty around US import tariffs triggering trade war concerns and a lack of builder activity on the Ethereum network, according to Bitfinex analysts.
ETH/USD, 1-day chart, downtrend. Source: Cointelegraph/ TradingView
“A lack of new projects or builders moving to ETH, primarily due to high operating fees, is likely the principal reason behind the lackluster performance of ETH. […] We believe that for ETH, $1,800 will be a strong level to watch,” the analysts told Cointelegraph.
“However, the current sell-off is not being seen solely in ETH, we have seen a marketwide correction as fears over the impact of tariffs hit all risk assets,” they added.
Crypto investors are also wary of an early bear market cycle that could break from the traditional four-year crypto market pattern.
Bitcoin (BTC) is at risk of falling to $70,000 as cryptocurrencies and global financial markets undergo a “macro correction” while remaining in a bull market cycle, said Aurelie Barthere, principal research analyst at blockchain analytics firm Nansen.
Mt. Gox makes second Bitcoin move in a week as it taps $76,000
Defunct crypto exchange Mt. Gox moved 11,833 Bitcoin (BTC), worth $926.2 million, on March 11 — its second big BTC transfer in a week amid the cryptocurrency’s price falling to a four-month low of around $76,700.
Arkham Intelligence data analyzed by Lookonchain found that 11,501 BTC was sent to a new wallet. The remaining 332 BTC were transferred to a warm wallet, which analytics firm Spot On Chain said could be moved to assist with the repayments.
Mt. Gox moved 12,000 Bitcoin worth a little over $1 billion on March 6. The exchange fell into bankruptcy in early 2014 and similar moves it has made in the past have been a precursor to it paying out its creditors.
Transaction details of Mt. Gox’s $931 million transfer. Source: Arkham Intelligence
Bitcoin has struggled to maintain a rally amid a wider market rout that has seen investors flee risky assets like crypto. The sinking US markets saw JPMorgan economists bump the risk of a recession this year to 40%, up from 30% at the beginning of 2025.
