Crypto Exchange eXch to Shut Down on May 1 Due to Money Laundering Charges

BlockBeats News, April 18th, according to Cointelegraph, the cryptocurrency exchange platform eXch announced that it will cease operations on May 1st. Earlier reports indicated that the platform was used to launder some of the funds stolen from the Bybit exchange.

In an announcement on April 17th, eXch stated that the majority of its management team voted to "cease operations and exit" in response to accusations that the North Korean hacker group Lazarus Group used the platform to launder around $35 million, funds originating from the $1.4 billion hack of Bybit. The exchange claimed to have become a target of a "Transatlantic Joint Law Enforcement Operation," aimed at shutting down its operations and potentially pursuing criminal charges.

The exchange initially denied Blockchain intelligence's accusations of aiding the Lazarus Group in money laundering but admitted to handling a "very small portion of funds" from the February hack incident.