EXch Exchange announced plans to shut down by May 1, 2025, due to serious allegations of money laundering connected to a significant hack of Bybit. The decision follows accusations that the Lazarus Group laundered approximately 35 million USD using the exchange.
In light of a hostile regulatory climate, eXch management voted to cease operations. Initially denying involvement, eXch eventually acknowledged its handling of a small portion of the stolen funds, while also criticizing other exchanges for ineffective anti-money laundering measures.
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