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eXch initially denied any involvement with the Lazarus Group, but later acknowledged processing a minor portion of the stolen Ethereum involved in the Bybit hack, which it said had already passed through multiple centralised and decentralised services.

eXch stated it was the subject of an international investigation involving signals intelligence (SIGINT), which created a hostile environment the team cited as their reason for ceasing operations

eXch announced shutting down May 1, 2025, over $35 million laundering allegations tied to the Bybit hack

eXch management voted to adopt a “cease and retreat” approach in response to external scrutiny and legal threats tied to alleged money laundering activity

The $1.4 billion Bybit hack, among the largest in crypto history, has been linked to North Korea’s Lazarus Group, which allegedly laundered funds through eXch

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