Bybit Hack Fallout: eXch Exchange to Shut Down Amid Money Laundering Allegations

Privacy-focused cryptocurrency exchange eXch has announced it will cease all operations by May 1st, 2025, following intense international scrutiny and accusations of laundering funds tied to the February Bybit hack. The decision was made after internal discussions among its leadership, who chose to discontinue operations rather than persist under mounting legal and reputational pressures.

eXch Collapse: Accused of Laundering Crypto for Bybit Hackers, Platform Bows Out

Privacy-focused cryptocurrency exchange eXch has confirmed it will officially terminate all operations effective May 1st, following escalating international scrutiny and mounting allegations of its role in laundering funds linked to the February Bybit hack. According to the team, the move comes after internal consensus among its leadership to “cease and retreat” rather than continue under what it described as a hostile operating environment. The shutdown follows the emergence of what eXch claims is an “active transatlantic operation” targeting the platform with the intent to dismantle its infrastructure and pursue criminal charges. This included accusations of enabling terrorism financing and laundering roughly $35 million in crypto allegedly traced back to North Korea’s Lazarus Group.

Crypto Mixer eXch Closes Down After Bybit Hack Accusations

Cryptocurrency exchange eXch will shut down on May 1 due to accusations of facilitating money laundering of funds stolen in the record-breaking Bybit hack. The firm cited pressure from law enforcement as the primary reason for closure. North Korea’s Lazarus Group allegedly used eXch to wash around $35 million stolen from Bybit in a $1.4 billion heist in February. Initially, eXch claimed not to have participated but later acknowledged facilitating some funds, referring to it as an insignificant portion.