Non-KYC Crypto Exchange eXch Denies Allegations Of Laundering Bybit Hack Funds For Lazarus Group

The non-KYC centralized exchange eXch has strongly denied allegations of laundering stolen funds from the historic Bybit hack on behalf of the notorious Lazarus Group. The accusations claim that eXch processed millions of dollars in stolen funds tied to the North Korean hacking collective. In response, eXch issued a statement labeling these claims as baseless and part of a targeted “FUD attack.”

The Bybit hack has been confirmed as the largest cryptocurrency theft in history, with attackers stealing over $1.4 billion after compromising the exchange’s Ethereum multisig cold wallet. This incident has raised concerns about security vulnerabilities and risk management practices at major exchanges.

Allegations have surfaced linking eXch to laundering $30 million connected to the Lazarus Group. Blockchain investigators alleged that eXch processed stolen funds from the Bybit hack and mistakenly sent ETH to another exchange’s hot wallet. Other analysts corroborated these claims, with estimates suggesting that eXch handled significant amounts of funds linked to North Korea.

While eXch denies any wrongdoing, concerns remain about non-KYC exchanges’ ability to prevent illicit transactions. The situation underscores the challenges faced by such platforms in ensuring regulatory compliance and preventing money laundering activities.