Crypto exchange eXch has announced it will permanently shut down on May 1, 2025, following the allegations that the platform was used to launder part of the $1.4 billion stolen in the recent Bybit hack.
Ties to Stolen Funds and Lazarus Group
The exchange is reportedly linked to North Korea’s Lazarus Group, which is believed to have funneled $35 million from the stolen funds through eXch.
Although eXch admits some stolen assets passed through its system, it denies being a crypto mixing service. As a non-KYC platform, eXch has faced growing concerns about its lack of user identity checks.
The shutdown was decided by a majority vote from the management team after receiving information from a verified U.S. Department of Justice whistleblower. To support privacy development, eXch also pledged 50 BTC to related initiatives before winding down operations.