Market News Crypto exchange eXch will shut down on May 1 this year.
The firm is accused of having connections to the Lazarus group in the recent $1.4B Bybit hack.
Crypto exchange eXch will stop offering its products and services starting from May 1 this year due to allegations of money laundering. The firm was accused of being involved in laundering the funds stolen from the recent $1.4B Bybit hack. As per its latest notice released on April 17, the management team of the eXch platform received major votes to “Cease and retreat” strategy in response to allegations.
Bybit crypto exchange lost around $1.4 billion worth of funds in its recent hack by the North Korean Lazarus group. Hackers used advanced methods to launder the funds through various means. This is one of the largest hacks in the history of crypto and blockchain.
Blockchain investigator ZachXBT made claims that eXch helped the Lazarus Group in laundering $35 million in funds. eXch denied these claims before in the Bitcoin talk forum. The exchange even mentioned that ZachXBT is losing his credibility by providing false blockchain transaction information.
eXch to Employ Cease and Retreat Strategy
The eXch team has opted for a Cease and Retreat strategy to deal with the false allegations. Their statement reads,
“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 to SIGINT (Signals Intelligence) simply becuase some people misinterpret our goals.”
The announcement also implied that the team does not want to go against strong winds. They do not want to cause any harm and would like to silently cease their operations. However, the team would like to continue to make a difference in the crypto space in other ways.
The eXch has announced a 50 BTC open-source fund to support projects that prioritize privacy solutions. Its team will provide consulting and recommendations to the new management team after May 1, 2025.
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