Cryptocurrency exchange eXch announced it will cease operations by May 1 following allegations of laundering funds linked to the Bybit hack earlier this year.
Most of the leadership voted to “cease and retreat” due to mounting pressure. An international investigation is underway, suggesting that North Korea’s Lazarus Group funneled approximately $35 million through the platform.
The company stated, “We’ve remained operational despite attempts to disrupt us, but continuing in an environment of signals intelligence surveillance due to misunderstandings of our mission is unjustifiable.”
Initially, eXch denied claims of facilitating laundering for Lazarus but later acknowledged processing a “minimal” amount associated with the $1.4 billion Bybit exploit in February.
Executives defended the platform’s pro-privacy stance, criticizing other exchanges for allegedly mistreating users under the guise of anti-money laundering policies.
