After being accused of helping to launder money taken during a significant hack of the Bybit exchange, cryptocurrency exchange eXch has announced plans to close its services by May 1, 2025.
As per the statement by eXch, the decision to close was made after the majority of its management voted in favor of “cease and retreat” operations. This event came in the wake of accusations that North Korea’s infamous Lazarus Group has used the exchange to launder an estimated $35 million from the $1.4 billion stolen in the Bybit hack.
eXch stated, “Even though we have been able to operate despite some failed attempts to shutdown our infrastructure (attempts that have also been confirmed to be part of this operation), we don’t see any point in operating in a hostile environment where we are the target of SIGINT simply because some people misinterpret our goals.”
In the beginning, eXch denied claims that it had helped the Lazarus hacker group launder digital assets. Eventually, the exchange acknowledged handling a “minor portion” of the stolen money from the February hack. The management of eXch stressed the company’s dedication to user privacy in their closing notice and also criticized other exchanges for implementing “nonsensical“ rules around money laundering.
The Lazarus Group has previously garnered attention following a successful heist in February 2022. The US-based Federal Bureau of Investigation (FBI) has charged North Korea for its alleged role in the $1.5 billion theft of digital assets from the cryptocurrency exchange Bybit.
Also read: Bybit Hacker Launders $1.4B Stolen Funds in 10 Days Through THORchain
