Cryptocurrency exchange eXch has announced it will cease operations on May 1, 2025, following mounting allegations that it was used to launder millions of dollars stolen in the recent Bybit hack. The decision comes as the platform faces intense scrutiny from international authorities and an ongoing transatlantic investigation that could lead to criminal charges against its operators.
The controversy centers on claims that North Korea’s Lazarus Group, the alleged perpetrators of the $1.4 billion Bybit exploit in February, funneled approximately $35 million of the stolen funds through eXch. Initially, the exchange denied any involvement but later admitted to processing a small portion of the hacked assets, describing its role as “insignificant”.
In a statement, eXch’s management cited a “hostile environment” and ongoing surveillance efforts, including signals intelligence (SIGINT), as key reasons for the shutdown. “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,” the company said.
The exchange, known for its privacy-focused and non-KYC model, has long been controversial in the industry. Its leadership criticized what they called “nonsensical” anti-money laundering policies, arguing these measures are often ineffective and harm user privacy.
Meanwhile, Bybit, the direct victim of the hack, is also taking steps to mitigate risk by shutting down several of its Web3 services, including wallets and its NFT marketplace.
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