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🔥 eXch Suspected of Money Laundering After Bybit Hack
The eXch exchange, which does not require KYC, is accused of being an intermediary platform that helped this group 'mix' money.
Blockchain experts discovered a large amount of ETH from wallets related to the hack that had been transferred to eXch, causing a surge in ETH trading volume. According to estimates by Nick Bax, a member of the Security Alliance (SEAL), he stated: 'eXch has processed about 30 million USD in transactions for North Korea'.
eXch denies the allegations, asserting that it does not launder money for Lazarus or the Democratic People's Republic of Korea and claims that the accusations come from individuals against the privacy of decentralized cryptocurrency. Although denying involvement, they admit that a small portion of the stolen funds passed through the exchange and commit to donating this amount to open-source projects.
Bybit CEO Ben Zhou calls for eXch to cooperate to prevent illegal money flows, emphasizing that this is an issue the entire crypto industry faces with hackers.
eXch has also publicly released an email from Bybit requesting to block wallets receiving stolen funds, but this exchange refused to cooperate and accused Bybit of having previously harmed its reputation.
The incident has sparked a debate between privacy and legal responsibility in the cryptocurrency industry.
#bybit #eXch
The eXch exchange, which does not require KYC, is accused of being an intermediary platform that helped this group 'mix' money.
Blockchain experts discovered a large amount of ETH from wallets related to the hack that had been transferred to eXch, causing a surge in ETH trading volume. According to estimates by Nick Bax, a member of the Security Alliance (SEAL), he stated: 'eXch has processed about 30 million USD in transactions for North Korea'.
eXch denies the allegations, asserting that it does not launder money for Lazarus or the Democratic People's Republic of Korea and claims that the accusations come from individuals against the privacy of decentralized cryptocurrency. Although denying involvement, they admit that a small portion of the stolen funds passed through the exchange and commit to donating this amount to open-source projects.
Bybit CEO Ben Zhou calls for eXch to cooperate to prevent illegal money flows, emphasizing that this is an issue the entire crypto industry faces with hackers.
eXch has also publicly released an email from Bybit requesting to block wallets receiving stolen funds, but this exchange refused to cooperate and accused Bybit of having previously harmed its reputation.
The incident has sparked a debate between privacy and legal responsibility in the cryptocurrency industry.
#bybit #eXch
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I rarely post my opinion on the actions and internal policies of any entity within the Crypto Sector, but today will be different...
We are seeing #eXch letting the Hack money be laundered in plain sight and when Bybit asked to block the funds, they simply said they would not do it under any circumstances.
There is no moral problem in blocking the funds, but there is a HUGE moral problem in not doing so.
It would be interesting to see how eXch would fare if there was a deeper investigation into the Hack and eXch's own decision. I am not suggesting anything 😉
We are seeing #eXch letting the Hack money be laundered in plain sight and when Bybit asked to block the funds, they simply said they would not do it under any circumstances.
There is no moral problem in blocking the funds, but there is a HUGE moral problem in not doing so.
It would be interesting to see how eXch would fare if there was a deeper investigation into the Hack and eXch's own decision. I am not suggesting anything 😉
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The crypto mixer #eXch that was used by the hackers refused to cooperate with the exchange.
🟢The team pointed to “direct attacks” on their service and reputation from #Bybit — the platform allegedly marked funds associated with #eXc as risky, which led to freezing.
🟢“In light of these circumstances, we would like an explanation as to why we should cooperate with an organization that actively tarnished our reputation,” eXch responded on forum #Bitcointalk .
$SOL
🟢The team pointed to “direct attacks” on their service and reputation from #Bybit — the platform allegedly marked funds associated with #eXc as risky, which led to freezing.
🟢“In light of these circumstances, we would like an explanation as to why we should cooperate with an organization that actively tarnished our reputation,” eXch responded on forum #Bitcointalk .
$SOL
SHUT DOWN🚨 Non-KYC exchange 'eXch' to shut down on May 1 following money laundering allegations tied to North Korea's Lazarus Group.
#eXch #Cryptonews $BTC $ETH
#eXch #Cryptonews $BTC $ETH
Crypto Exchange eXch Shuts Down After Alleged Ties to Lazarus Group and $1.4B Bybit Hack
The controversial, privacy-focused crypto exchange eXch has announced it will cease operations on May 1 following growing allegations that it was involved in laundering stolen funds from the $1.4 billion Bybit hack, allegedly linked to North Korea’s Lazarus Group.
🔹 DOJ Whistleblower Triggered the Shutdown
eXch CEO Johann Roberts revealed that the decision came after an approach from a verified whistleblower within the U.S. Department of Justice (DOJ), who shared critical data that the team “could not ignore.”
“We see no point in continuing in an environment where we are targeted simply because some misunderstand our intentions,” eXch stated in an official announcement.
The team also referred to an active SIGINT operation — signal intelligence gathering — aimed at eXch’s infrastructure.
🔹 Linked to the Bybit Hack and Money Laundering
Back in February, hackers stole 401,346 ETH from Bybit — worth $1.4 billion at the time. The FBI later linked the attack to North Korea’s Lazarus Group.
Blockchain investigators such as Elliptic and ZachXBT alleged that eXch processed part of the stolen funds, even after Bybit requested a freeze on related transactions.
eXch initially denied all claims and blamed a delay in AML screening from its third-party provider — claiming that data about the compromised addresses arrived 12 hours too late. The exchange later admitted to having processed “a very small amount,” around 90,000 ETH, out of the stolen batch.
🔹 eXch: “We Don’t Launder for North Korea”
At first, eXch firmly denied any wrongdoing:
“We do not launder money for Lazarus or the DPRK,” the exchange said.
It also claimed its refusal to cooperate with Bybit was due to past reputational attacks from Bybit against eXch.
🔹 No KYC = No Access
eXch was known for operating without Know-Your-Customer (KYC) verification, which it marketed as a commitment to user privacy. According to eXch, that’s also why Elliptic refused to work with them.
CEO Johann Roberts later criticized standard AML procedures, calling some of them “pointless and easily bypassed”. He also accused firms like Elliptic of elitist policies that hinder fairness in the crypto industry.
🔹 What’s Next?
eXch will continue offering API access to its partners until May 1, after which a new management team will decide on the platform’s future.
It remains unclear whether the current team will face legal charges, but investigations are intensifying. Authorities, blockchain analysts, and crypto watchdogs are still tracking wallet movements tied to the Bybit breach.
#bybit , #eXch , #CryptoNewsCommunity , #CryptoSecurity , #LazarusGroup
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🔹 DOJ Whistleblower Triggered the Shutdown
eXch CEO Johann Roberts revealed that the decision came after an approach from a verified whistleblower within the U.S. Department of Justice (DOJ), who shared critical data that the team “could not ignore.”
“We see no point in continuing in an environment where we are targeted simply because some misunderstand our intentions,” eXch stated in an official announcement.
The team also referred to an active SIGINT operation — signal intelligence gathering — aimed at eXch’s infrastructure.
🔹 Linked to the Bybit Hack and Money Laundering
Back in February, hackers stole 401,346 ETH from Bybit — worth $1.4 billion at the time. The FBI later linked the attack to North Korea’s Lazarus Group.
Blockchain investigators such as Elliptic and ZachXBT alleged that eXch processed part of the stolen funds, even after Bybit requested a freeze on related transactions.
eXch initially denied all claims and blamed a delay in AML screening from its third-party provider — claiming that data about the compromised addresses arrived 12 hours too late. The exchange later admitted to having processed “a very small amount,” around 90,000 ETH, out of the stolen batch.
🔹 eXch: “We Don’t Launder for North Korea”
At first, eXch firmly denied any wrongdoing:
“We do not launder money for Lazarus or the DPRK,” the exchange said.
It also claimed its refusal to cooperate with Bybit was due to past reputational attacks from Bybit against eXch.
🔹 No KYC = No Access
eXch was known for operating without Know-Your-Customer (KYC) verification, which it marketed as a commitment to user privacy. According to eXch, that’s also why Elliptic refused to work with them.
CEO Johann Roberts later criticized standard AML procedures, calling some of them “pointless and easily bypassed”. He also accused firms like Elliptic of elitist policies that hinder fairness in the crypto industry.
🔹 What’s Next?
eXch will continue offering API access to its partners until May 1, after which a new management team will decide on the platform’s future.
It remains unclear whether the current team will face legal charges, but investigations are intensifying. Authorities, blockchain analysts, and crypto watchdogs are still tracking wallet movements tied to the Bybit breach.
#bybit , #eXch , #CryptoNewsCommunity , #CryptoSecurity , #LazarusGroup
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 Crypto exchange #eXch is shutting down on May 1, following reports it was used to launder ~$35M linked to the Bybit hack, allegedly by North Korea’s Lazarus Group.
The platform cited mounting regulatory pressure and surveillance concerns.
As it winds down, eXch pledged 50 $BTC to support open-source privacy tools.
The platform cited mounting regulatory pressure and surveillance concerns.
As it winds down, eXch pledged 50 $BTC to support open-source privacy tools.
Cryptocurrency exchange #eXch announced it will cease operations on May 1 after reports alleged the firm was used to launder funds from a #Bybit hack.
In an April 17 notice, #eXch said the majority of people in its management team voted to “cease and retreat” in response to the allegations that North Korea’s Lazarus Group used the exchange to launder roughly $35 million of the funds stolen in a $1.4 billion exploit on #Bybit
In an April 17 notice, #eXch said the majority of people in its management team voted to “cease and retreat” in response to the allegations that North Korea’s Lazarus Group used the exchange to launder roughly $35 million of the funds stolen in a $1.4 billion exploit on #Bybit
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Bybit Tries to Freeze Funds Laundered by North Korean Hackers, but eXch Refuses to Collaborate
In a recent move, cryptocurrency exchange Bybit attempted to intervene in a money laundering operation involving North Korean hackers, seeking to freeze illicit funds that had been transferred to the eXch platform. The attempt at collaboration was, however, rejected by eXch, which stood firm in its decision not to freeze the assets involved, despite allegations that the funds were derived from criminal activities.
#bybit , known for its vigilant stance against financial crime, reached out to the eXch team after identifying suspicious transactions linked to a group of North Korean hackers known for their involvement in cyberattacks and cryptocurrency thefts. The hackers, who are already the target of international sanctions, used the eXch platform to move large amounts of stolen cryptocurrency.
#bybit , known for its vigilant stance against financial crime, reached out to the eXch team after identifying suspicious transactions linked to a group of North Korean hackers known for their involvement in cyberattacks and cryptocurrency thefts. The hackers, who are already the target of international sanctions, used the eXch platform to move large amounts of stolen cryptocurrency.
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