Crypto exchange eXch to shut down amid money laundering allegations

The firm said it had chosen a “cease and retreat” strategy in response to allegations that the Lazarus Group laundered funds stolen in a $1.4 billion exploit of Bybit.

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. The exchange said it was the subject of “an active transatlantic operation” aimed at shutting it down and potentially pursuing charges.

“Even though we have been able to operate despite some failed attempts to shut down 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 [Signals Intelligence] simply because some people misinterpret our goals,” said eXch.

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