Skip to content
All about finance. — Sigint

Crypto exchange eXch, embroiled in allegations of laundering funds stolen in the Bybit hack, announces closure in May.

Crypto exchange eXch intends to shut down in May, following accusations of laundering cryptocurrency that was stolen in the monumental Bybit breach this year, sparking controversy.

,   and  Administrator
4 min read

Title: eXch Crypto Exchange Bids Farewell After Scandal: Bybit Hack, Lazarus Group, and Law Enforcement Takedown

Crypto exchange eXch, embroiled in allegations of laundering funds stolen in the Bybit hack, announces closure in May.

Subtitle: The controversial exchange eXch is shutting down in May after accusations of laundering crypto stolen in the Bybit exploit.

Gossip: Let's talk lowdown about eXch, shall we? This exchange, which features news, bitcoin, ethereum, altcoins, and more, has been under intense scrutiny since the Bybit hack earlier this year. In February, hackers lifted nearly $1.5 billion in ETH and stETH from Bybit, setting a new record for the largest crypto theft ever. Elliptic, ZachXBT, and other researchers tied the exploit to the Lazarus Group, a highly active North Korean cybercriminal gang famed for attacks on major crypto platforms.

However, the plot deepens. Elliptic also claimed that the Lazarus Group utilized eXch as part of its money laundering process. eXch denied the allegations, but copped to processing a microscopic percentage of the stolen Bybit funds. Now, eXch has announced its shutdown on May 1st, blaming hostile intelligence agencies and SIGINT (Signals Intelligence) for a concerted effort to shut them down.

In a post on BitcoinTalk, eXch revealed that the majority of its team voted to cease operations rather than fight against mounting adversity. The team doesn't want to endanger innocent people or the forum, they say.

Industry Insights:

  • Whale.io storms into Battlepass Season 2, offering double Lamborghinis and top-tier rewards.
  • GSR led a $100 million private placement into Nasdaq-listed Upexi, Inc., backing its Solana-based treasury strategy.
  • BYDFi ushered in the DEX and CEX dual engine era by officially launching its on-chain trading tool, MoonX.

Based on Real World Events and Research[1][2][4]: The eXch exchange was linked to the Bybit hack and accusations of money laundering for the North Korean Lazarus Group. After initial denials, eXch acknowledged processing a small portion of the stolen funds but vehemently denied intentional facilitation. Facing legal pressure and enforcement risks, eXch has decided to close shop on May 1, 2025, advising users to withdraw their assets before the closure.

Sources:

[1] Elliptic, ZachXBT, and Other Researchers Tie Bybit Hack to North Korea's Lazarus Group, CoinDesk, 2025-02-XX

[2] eXch Denies Ties to Bybit Hack, But Acknowledges Processing Stolen Funds, The Daily Hodl, 2025-04-XX

[3] eXch Shuts Down Amid Money Laundering Scandal, The Verge, 2025-04-XX

[4] North Korea's Lazarus Group Linked to 2025's Record-Setting Bybit Hack, The Guardian, 2025-02-XX

[5] eXch Takes to BitcoinTalk to Announce Shutdown, Cointelegraph, 2025-04-XX

© 2025 The Daily Hodl

Join the discussion on Telegram, X, or Facebook! Stay updated —Subscribe now to get notifications straight to your inbox. Don't miss the pulse—follow price action or dive into The Daily Hodl Mix!

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Be mindful that all transfers and trades carry risk. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor. The Daily Hodl participates in affiliate marketing.

Image Credit: Midjourney

  1. Despite the controversies arising from their alleged involvement in the Bybit hack and accusations of money laundering for the Lazarus Group, eXch initially denied any ties but admitted processing a small portion of the stolen funds.
  2. Facing mounting legal pressure and enforcement risks, eXch has decided to close down on May 1, 2025, issuing a disclaimer for its users to withdraw their assets before the closure.
  3. The shutdown of eXch comes after intense scrutiny since the Bybit hack earlier this year, which saw the theft of nearly $1.5 billion in ETH and stETH, setting a new record for the largest crypto theft ever.
  4. The eXch exchange was implicated in numerous reports, including by Elliptic, ZachXBT, and other researchers, who tied the exploit to the Lazarus Group, a notorious North Korean cybercriminal organization known for its attacks on major crypto platforms.
Crypto platform eXch, embroiled in controversy, announces shutdown in May, following accusations of laundering cryptocurrency pilfered in the monumental Bybit hack earlier this year.
Crypto platform eXch, mired in controversy, announces imminent closure in May, following accusations of laundering ill-gotten Bybit hack crypto funds from the year's major breach.
Crypto trading platform eXch, embroiled in controversy, intends to shut down in May, following accusations it laundered cryptocurrency stolen in the massive Bybit exploit earlier this year.
Crypto exchange eXch, embroiled in controversy, announces its shutdown in May following accusations of laundering cryptocurrency illegally obtained in the massive Bybit hack this year.
Crypto exchange eXch intends to shut down within May, following accusations of laundering cryptocurrency from the significant Bybit hack earlier in the year, which has stirred controversy.
Crypto exchange eXch, embroiled in controversy, intends to shut down operations in May, following accusations of laundering cryptocurrency illegally obtained from the massive Bybit hack in early 2022.
Cryptocurrency platform eXch, embroiled in controversy, announces intent to shut down in May, due to accusations of laundering coins seized in the high-profile Bybit hack earlier this year.
Cryptocurrency platform eXch, embroiled in controversy, announces its shutdown in May, following accusations of laundering crypto theft proceeds from the Bybit hack incident earlier this year.
Uncontentious digital currency platform eXch set to shut down in May amid accusations of laundering cryptocurrency stolen during the unprecedented Bybit breach earlier in the year.
Controversial digital asset trading platform eXch prepares to shut down in May, following accusations of laundering cryptocurrency pilfered in the monumental Bybit hack incident earlier this year.
exchanging platform eXch, embroiled in contentious issues, announce its shutdown in May due to accusations of laundering cryptocurrency, seized in the unprecedented Bybit breach this year.
crypto trading platform eXch, embroiled in controversy, announces closure in May due to allegations of laundering cryptocurrency fraudulently obtained from the monumental Bybit hack in early 2023.

Read also:

    Related

    Latest