Cryptocurrency exchange eXch announced it will cease operations on May 1, 2025, following allegations that it was used to launder funds linked to the $1.4 billion Bybit hack. The exchange has been connected to North Korea’s Lazarus Group, which is accused of laundering approximately $35 million from the hack. eXch, a non-KYC platform, acknowledged that a small portion of the stolen funds passed through its system but denied being a crypto mixing service. The decision to shut down came after a majority vote from the management team, influenced by information provided by a verified whistleblower from the U.S. Department of Justice. In response to the situation, eXch also committed 50 BTC to privacy development initiatives. The closure marks the end of operations for the exchange amid ongoing scrutiny over its role in the laundering of stolen cryptocurrency.
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