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    Home»Crypto News»Crypto Change eXch Shutting Down Following Hyperlinks to Lazarus, Bybit Hack – Decrypt
    Crypto Change eXch Shutting Down Following Hyperlinks to Lazarus, Bybit Hack – Decrypt
    Crypto News

    Crypto Change eXch Shutting Down Following Hyperlinks to Lazarus, Bybit Hack – Decrypt

    By Crypto EditorApril 18, 2025No Comments3 Mins Read
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    Crypto Change eXch Shutting Down Following Hyperlinks to Lazarus, Bybit Hack – Decrypt

    eXch crypto trade will shut down operations on Could 1 following hyperlinks to the $1.4 billion Bybit hack and an “lively transatlantic operation,” the group mentioned Thursday.

    eXch is a privacy-focused crypto trade identified for working with out typical KYC, or know-your-customer) requirementsThe closure comes amid mounting allegations that eXch was complicit within the $1.4 billion Bybit hack in February, allegedly facilitating cash laundered by North Korea’s Lazarus hacker ring.

    The trade cited an “lively transatlantic operation” concentrating on its infrastructure and doubtlessly pursuing cash laundering and terrorism costs towards its group, based on an April 17 announcement.

    eXch CEO Johann Roberts instructed Decrypt mentioned the choice to close down was spurred by a “verified whistleblower from the DOJ” who supplied “sufficient actual knowledge.”

    “We do not see any level in working in a hostile atmosphere the place we’re the goal of SIGINT just because some folks misread our objectives,” eXch wrote within the announcement.

    SIGINT right here refers to Alerts Intelligence, a technique used for intelligence gathering.

    eXch will proceed to supply API entry to companions till Could 1. After that, a brand new administration group will decide its future operations.

    Blame sport

    In February, the FBI linked North Korea’s notorious Lazarus Group to the Bybit incident.

    Days after the hack, eXch CEO Johann Roberts responded to Decrypt’s questions relating to allegations from Elliptic, ZachXBT, and different investigative teams blaming it for processing funds, regardless of Bybit’s repeated requests to dam the transactions.

    On the time, on-chain investigators noticed “an irregular spike” in Ethereum quantity by way of the platform instantly following the theft.

    eXch initially denied these allegations. “We’re not laundering cash for Lazarus/DPRK,” it mentioned.

    The trade claimed this was on account of outdated knowledge from its third-party AML screening supplier, which took roughly 12 hours to replace data on the hacked addresses.

    eXch later acknowledged in an emailed assertion to Decrypt that it had processed “vastly a minor half” from the batch of Ethereum (roughly 90,000), laundered by way of “a number of centralized and decentralized providers” out of a complete of 401,346 ETH stolen from Bybit.

    eXch argued on the time that their refusal to cooperate with Bybit was on account of its “direct assaults” on eXch’s status previously.

    Bybit didn’t instantly reply to Decrypt’s request for remark.

    eXch additionally claimed that Elliptic refused them as a buyer as a result of they had been a “non-KYC accountless trade” working to “protect privateness” for its customers.

    Such a scenario “displays not solely our challenges, but in addition broader points throughout the business, significantly the elitist insurance policies of sure corporations like Elliptic,” Roberts instructed Decrypt on the time.

    Elliptic didn’t instantly reply to Decrypt’s inquiries on that matter.

    For its curtain name, eXch criticized different exchanges’ AML practices as “nonsensical insurance policies” and argued that screening mechanisms could be “simply bypassed.”

    Edited by Stacy Elliott.

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