eXch, known for lacking KYC checks, was shut down by German authorities in April 2023. However, its ongoing activity raises questions about its future.
Reasons for eXch's Closure
The eXch platform attracted attention after being linked to the North Korean hacking group Lazarus, which used it to launder stolen funds. German authorities seized eXch's servers and $38 million in crypto, jeopardizing its existence.
Illicit Activities and Consequences
eXch served clients involved in illegal activities, including hackers and scammers, fueling the debate over privacy versus security in the crypto industry. The platform enabled anonymous transactions and employed a pooled liquidity system, complicating transaction traceability.
Future of eXch and Its Operators
Despite the formal closure, reports suggest that eXch continued to operate in stealth mode, providing access to its API. The future of eXch remains unclear, but its operators plan to maintain certain operations for partners, stating that "privacy is not a crime."
The closure of eXch marked an important event for the crypto industry; however, its operators may continue their activities under a different name or format, highlighting the need for stricter regulation in this sector.
