eXch faces allegations regarding laundering stolen funds post-Bybit hack. Let's delve into the incident details and the involved parties' responses.
The Bybit Hack
On February 21, hackers executed one of the largest crypto heists in history, draining over $1.4 billion from Bybit's Ether multi-sig cold wallet. Blockchain investigators have been monitoring the stolen funds, with reports indicating some reached eXch's platform.
eXch’s Response to the Allegations
A Bitcointalk forum statement on February 23 confirmed eXch rejects the involvement in laundering stolen funds acquired by the North Korean Lazarus Group. The platform assured uninterrupted operations and asset safety.
Onchain Investigators Weigh In
Onchain sleuth ZachXBT and security firm SlowMist allege eXch processed $35 million of the stolen Bybit funds. Nick Bax of the Security Alliance estimated eXch facilitated around $30 million of transactions for Lazarus Group on the hack day.
The Bybit hack incident continues to unfold as investigators seek out unaccounted funds. eXch's refusal showcases the challenges of halting the laundering of stolen cryptocurrencies.
