eXch Refutes Money Laundering Claims Tied to Bybit Hack

By / / Crypto News, Daily News
eXch Refutes Money Laundering Claims Tied to Bybit Hack
Table Of Contents
  1. eXch Faces Accusations from Blockchain Analysts Over $35M Laundering
  2. On-Chain Analysts and Security Firms Point to eXch
  3. The Largest Crypto Hack in History: Bybit’s $1.4 Billion Hack
  4. Efforts to Freeze Stolen Funds Face Resistance

eXch Faces Accusations from Blockchain Analysts Over $35M Laundering

eXch Rejects Money Laundering Allegations

Crypto exchange eXch has denied claims that it helped launder $35 million from the Bybit hack for North Korea’s Lazarus Group. The company stated that it is not involved in money laundering for Lazarus or North Korea.

Key Points:

  • eXch admitted that a small portion of stolen funds passed through its platform but insisted it was a one-time event.
  • The exchange pledged to donate any money earned from these transactions to public aid.
  • It reassured users that its business and funds remain secure despite these allegations.

On-Chain Analysts and Security Firms Point to eXch

Even though eXch denied the claims, some blockchain experts and security companies continue to allege its involvement in laundering stolen funds.

Key Allegations:

  • ZachXBT, a well-known blockchain analyst, claimed that eXch handled $35 million in stolen funds.
  • eXch reportedly made a mistake by sending 34 Ether (about $96,000) to another exchange’s hot wallet.
  • Nick Bax, a member of the white hat hacker group Security Alliance, estimated that eXch processed $30 million for North Korea.
  • SlowMist reported that Ethereum (ETH) was converted into other cryptocurrencies using eXch.

The Largest Crypto Hack in History: Bybit’s $1.4 Billion Hack

The Bybit cryptocurrency exchange sufferedJ the largest crypto hack in history, with hackers stealing 401,347 ETH (over $1.46 billion) in 2025.

Key Details:

  • The attack exploited Bybit’s multi-signature security system during a routine wallet transfer.
  • Investigators believe North Korea’s Lazarus Group is responsible for the hack.
  • The hack caused Ethereum’s price to drop sharply, sparking concerns about crypto security.

Efforts to Freeze Stolen Funds Face Resistance

Bybit has been working with industry partners to recover stolen funds and has successfully frozen over $42 million. However, not all exchanges have been cooperative, with eXch refusing to assist.

Conflict Between eXch and Bybit

  • Despite its past controversies, Bybit8 has been actively collaborating with authorities to track stolen assets.
  • Bybit’s risk team requested eXch to freeze hacked funds, but eXch refused.
  • eXch accused Bybit of previously freezing its users’ deposits without explanation, harming its reputation.

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