Cryptocurrency exchange eXch denies allegations of money laundering following the Bybit hack. Blockchain analysts suspect some funds moved through eXch.
Bybit Hack and Its Aftermath
On February 21, 2025, Bybit suffered a major theft. Hackers stole over $1.4 billion from its Ethereum cold wallet. Investigators believe the North Korean Lazarus Group was responsible for the attack.
Accusations Against eXch
Following the hack, eXch saw a significant increase in ETH reserves. Reports indicated that over 20,000 ETH moved through eXch within 24 hours, well above its normal daily volume of 800 ETH. Nick Bax from Security Alliance claimed eXch processed $30 million in hacked funds on the day of the attack.
eXch’s Response and Further Actions
On February 23, eXch responded to allegations on Bitcointalk, calling them “FUD” and stating it does not launder funds for Lazarus or North Korea. eXch admitted a small portion of the stolen funds entered its wallet but insisted it was an isolated transaction. eXch pledged to donate any fees to open-source privacy projects.
Despite Bybit's efforts to freeze $42 million in stolen assets, eXch resists blocking flagged wallet addresses. Both parties accuse each other of damaging their reputations.
