Crypto exchange eXch has denied allegations of laundering money for North Korea’s Lazarus Group following the $1.4 billion hack of Bybit on February 21.
Denial of Allegations
On February 23, the eXch team stated on the Bitcointalk forum that the exchange is "not laundering money for Lazarus/DPRK," asserting that all its funds are safe and operations unaffected by the Bybit hack.
Suspicions and Accusations
eXch admitted to processing an "insignificant portion of funds" from the hack that eventually entered address 0xf1da173228fcf015f43f3ea15abbb51f0d8f1123.
Frozen Funds and Bybit's Response
On February 23, Bybit updated its X platform stating a coordinated effort had frozen over $42 million of stolen funds, though it met with resistance from eXch. Bybit CEO Ben Zhou expressed hope for eXch to reconsider its stance on blocking the outflow of funds.
While eXch maintains its stance on innocence, Bybit and industry partners vigorously work to halt the flow of stolen assets and hold hackers accountable.
