eXch, the controversial cryptocurrency exchange, plans to shut its doors by May. This is after allegations were made that they laundered stolen crypto from Bybit’s record-breaking exploit in early this year.
Hackers stole nearly $1.5 Billion worth of Ethereum and Lido Staked Ether from Bybit, the largest cryptocurrency theft in history.
Elliptic Research, ZachXBT, and other researchers, including a pseudonymous investigator on-chain, have attributed the exploit to the Lazarus Group. This North Korean cybercrime group is known for committing numerous high-profile attacks on crypto platforms.
Elliptic said Lazarus also used eXch to help it launder stolen cryptocurrency. Although the exchange denies the allegations of money laundering, it admits to having processed a “insignificant portion” of stolen Bybit funds.
eXch announced on the BitcoinTalk forum that it would be shutting down its exchange as of May 1, claiming “friends” from the intelligence sector had confirmed this. They also claimed the exchange was the subject of a “transatlantic active operation.”
We don’t want to continue operating in an hostile environment, where our SIGINT targets us because people have misinterpreted our objectives. As a result urgent meetings and the merging with the new management this month, we voted for a retreat and a cease-and-desist instead of fighting against the wind. We didn’t want to harm innocent people, or the forum .”
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Sources of Images include Pixabay Creative Commons & Midjourney
As new information becomes available, this post Controversial exchange eXch to Close in May amid Allegations that the Project Laundered Crypto Stolen In Bybit Hack might be updated.
