Crypto exchange eXch announces closure on May 1st due to money laundering allegations

According to Cointelegraph, the cryptocurrency exchange eXch announced that it will cease operations on May 1st. Previously, there were reports that the platform was used to launder some of the stolen funds from the Bybit exchange. In an announcement on April 17th, eXch stated that a majority of its management team members voted to "cease operations and exit" in response to allegations that the North Korean hacker group Lazarus Group used the platform to launder approximately $35 million in funds, which originated from a $1.4 billion hack on Bybit. The exchange claims to have become a target of a "transatlantic joint law enforcement operation" aimed at shutting down its business and potentially filing criminal charges. EXch stated in a statement, "Although we have withstood multiple attempts to shut down infrastructure and maintain operations, we believe that continuing to operate in a hostile environment that has become a target of signal intelligence surveillance solely due to some people misinterpreting our purpose is meaningless." The exchange initially denied allegations by blockchain detectives that it helped Lazarus Group launder money, but admitted to processing "a very small portion of funds" from the February hacking incident.