Source: Cointelegraph Original: "{title}"

The cryptocurrency exchange eXch announced it will cease operations on May 1, following reports that the company was used to launder funds stolen from the Bybit hack.

In an announcement on April 17, eXch stated that the majority of its management team voted to "cease operations and withdraw" in response to allegations that the North Korean Lazarus Group used the exchange to launder approximately $35 million, which came from the $1.4 billion hack that Bybit experienced. The exchange indicated that it was becoming a target of "an active transatlantic operation" aimed at shutting down its platform and potentially holding it accountable.

eXch stated, "Although we have been able to operate despite some failed attempts to shut down our infrastructure (which have also been confirmed as part of that operation), we believe it is pointless to operate in a hostile environment, as we have become a target of SIGINT (signals intelligence) simply because some people misunderstood our intentions."

The exchange initially denied reports from crypto detectives claiming it was laundering digital assets for the Lazarus Group but later admitted it handled "a small portion of funds" from the February hack. Members of the eXch management team emphasized the company's concern for user privacy when announcing the closure, stating that some exchanges "abuse customers with ridiculous policies" in an attempt to combat money laundering.

The largest hack in crypto history

The Bybit hack is the largest in the history of the crypto industry, resulting in over $5 billion in user funds being withdrawn, including stolen funds. CEO Ben Zhou stated on February 22 that if the funds could not be recovered, the exchange had the ability to "make up for the losses." However, the company later announced it would shut down some Web3 services and close its non-fungible token (NFT) marketplace.

As of April 10, Bybit had recovered to a market share of about 7% prior to the hack. The exchange paid over $2 million to bounty hunters who provided information that could help freeze some funds traceable to other platforms, estimated to account for about 89% of the $1.4 billion, according to data as of March 20.

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