Crypto Exchange eXch to Shut Down

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Cryptocurrency exchange eXch has announced it will shut down on May 1, following reports that it was allegedly used for laundering funds from a Bybit hack.

In a notice dated April 17, eXch stated that most of its management decided to “cease and retreat” after allegations emerged that North Korea’s Lazarus Group had laundered approximately $35 million through the exchange.

This was linked to a $1.4 billion exploit on Bybit. The exchange mentioned being the focus of “an active transatlantic operation” aimed at closing it down and potentially filing charges.

“While we’ve managed to continue operating despite unsuccessful attempts to dismantle our infrastructure—attempts confirmed as part of this operation—we find no reason to operate in a hostile environment. We are targeted by SIGINT [Signals Intelligence] merely because our objectives have been misunderstood,” stated eXch.