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Crypto Exchange eXch to Cease Operations Amid Allegations of Involvement in Bybit Hack

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  • eXch shutting down on May 1 due to Bybit hack links
  • Allegations of complicity in money laundering for Lazarus group
  • Admitted processing a small portion of stolen Ethereum
  • Criticism of other exchanges' AML practices
  • New management team to determine future operations
360 summary
  • eXch CEO initially denied allegations of processing funds linked to North Korea's Lazarus Group despite evidence of abnormal Ethereum volume post-theft.
  • The exchange attributed the delay in updating information on hacked addresses to its third-party AML screening provider, leading to the inadvertent processing of a small portion of stolen Ethereum.
  • eXch cited past reputation attacks from Bybit as a reason for their lack of cooperation and highlighted Elliptic's refusal to engage due to eXch's non-KYC accountless exchange model.
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