Crypto Mixer eXch Faces Shutdown: Bybit Hack’s Dark Secrets Unveiled

privacy Exchange eXch to Close Amid Money Laundering allegations

eXch, a privacy-focused exchange, will cease operations on May 1. The decision comes after it was implicated in laundering funds from the $1.5 billion Bybit hack.

In a recent notice, eXch’s team revealed they are under a “transatlantic operation” targeting their platform. They deny any intention to facilitate illegal activities. The exchange, based in the Czech republic, was designed as a privacy experiment, not for financial gain.

While often called a “mixer,” eXch clarifies it’s an instant exchange prioritizing user privacy. The team claims they received intelligence confirming their involvement in investigations related to crypto asset laundering.

Initially, eXch denied aiding the Lazarus Group, a North Korean hacking entity. Though, they later admitted processing a small part of the stolen funds. Blockchain analytics firms like Elliptic and TRM Labs identified eXch as a key laundering hub.

eXch criticized centralized exchanges for ineffective anti-money laundering policies. They announced a 50 Bitcoin fund to support privacy projects in Bitcoin and Ethereum ecosystems.

despite closing,eXch warns that shutting their platform won’t stop illicit crypto activities. “Privacy is not a crime,” their statement concludes.The API will remain available to partners temporarily as a new management team oversees the transition.