Crypto Exchange eXch Announces It Is Shutting Down
Cryptocurrency exchange eXch has announced plans to shut down on May 1 amid growing allegations of facilitating money laundering related to the recent $1.4 billion Bybit hack.
In an official statement on April 17, the exchange stated that its management team overwhelmingly decided to “cease operations” following allegations of laundering approximately $35 million from the Bybit hack.
Reports indicate that North Korea’s Lazarus Group, allegedly involved in the exploit, used eXch for transactions. The exchange is under investigation in a “transatlantic operation” aiming to close it down and possibly pursue legal charges.
“We see no point in operating in a hostile environment where we’re targeted by SIGINT [Signals Intelligence] due to misunderstandings about our intentions. Following the merger with a new management team and urgent meetings, most of us voted to cease operations, as we don’t want to harm innocent people,” eXch stated.
