eXch Exchange Denies Ties to Lazarus Group Amid Bybit Hack Fallout

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eXch exchange has refuted allegations that it facilitated money laundering for North Korea’s Lazarus Group following the $1.4 billion hack of Bybit on February 21.
Key Takeaways:
– eXch exchange rejected allegations of laundering funds for North Korea’s Lazarus Group after the $1.4 billion Bybit hack.
– Analysts, including ZachXBT and SlowMist, reported that eXch processed millions from the hack, with estimates ranging from $30 million to $35 million.

The exchange, which does not require Know Your Customer (KYC) verification, is facing scrutiny from blockchain analysts who have linked it to a portion of the stolen funds.

In a February 23 statement on the Bitcointalk forum, eXch dismissed claims of involvement, stating that it is “not laundering money for Lazarus/DPRK” and that its operations remain unaffected. However, the exchange acknowledged that a small fraction of the stolen assets had moved through its platform.

Blockchain investigator ZachXBT alleged in his Telegram channel on February 22 that eXch processed approximately $35 million from the hack.

Additionally, security firm SlowMist reported that a substantial amount of Ethereum had been converted into other cryptocurrencies on the platform.

Nick Bax, a researcher with the white-hat hacker collective Security Alliance, estimated that eXch handled around $30 million in transactions related to North Korea on the same day.

Despite mounting concerns, eXch exchange has pushed back against Bybit’s efforts to recover the stolen funds. The exchange shared a forum post detailing its response to Bybit’s request to freeze the illicit assets. eXch accused Bybit of previously blocking deposits from its users and failing to address complaints.

Bybit’s February 21 breach marks the largest crypto theft on record, with hackers compromising its Ether multisignature cold wallet. Bybit CEO Ben Zhou responded to a screenshot of the exchange’s post, urging eXch to reconsider its stance.

The exchange continues to operate and announced on February 23 that it had successfully frozen over $42 million of the stolen assets through coordinated security efforts. However, Bybit appears to be facing challenges in securing cooperation from eXch.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.
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John Kojo Kumi is a seasoned cryptocurrency and blockchain writer celebrated for his in-depth analysis of emerging startups, tokenomics, and crypto market trends. With a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, John offers a unique perspective that integrates academic knowledge with industry expertise.

Throughout his career, John has made significant contributions to Crypto News Flash, ZyCrypto, and Coinstaker Media, where he sharpened his skills in crypto journalism and blockchain analysis. Now at Bitcoininfonews.com, he provides comprehensive coverage of cryptocurrencies, DeFi, NFTs, and Web3, equipping readers with the insights needed to navigate the fast-paced blockchain ecosystem. His expertise in content management, SEO, and thorough research makes his work a trusted resource for the global crypto community

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