Crypto exchange eXch faces accusations of laundering $35 million stolen from Bybit. These allegations come from various sources, including blockchain sleuth ZachXBT and cybersecurity firms.
Allegations Against eXch
ZachXBT, a well-known blockchain investigator, reported on February 22 that eXch was involved in laundering $35 million stolen from Bybit. During the process, he also noted an erroneous transfer of 34 Ethereum to another exchange's hot wallet.
eXch's Response to Allegations
The exchange eXch responded to the allegations on February 23, stating that the laundering incident was isolated and confirmed that a portion of the stolen funds had indeed passed through their platform. The exchange also promised to donate the commissions received from these transactions for public benefit.
Technical Details of the Theft
The hacking of Bybit has been attributed to the North Korean Lazarus Group, which has laundered hundreds of millions in cryptocurrencies over recent years. During the laundering process, stolen tokens were quickly exchanged for Ethereum, preventing the possibility of freezing by token issuers.
The accusations against eXch have added complexity to the aftermath of the Bybit theft. The exchange is actively cooperating with the investigation and aims to rectify the incident's consequences.
