Onchain sleuths claim eXch processed $35M in stolen funds, but the exchange disputes allegations
eXch Rejects Money Laundering Claims
Crypto exchange eXch has denied accusations that it helped launder funds from the $1.4 billion Bybit hack. In a Feb. 23 Bitcointalk forum post, the exchange stated it is “not laundering money for Lazarus/DPRK” and claimed its operations remain unaffected.
Onchain Analysts Allege $35M Was Laundered
Investigators, including ZachXBT and security firm SlowMist, allege that eXch processed $35 million in stolen funds. ZachXBT pointed out that the exchange mistakenly sent 34 ETH ($96,000) to another exchange’s hot wallet, further fueling suspicions.
eXch Acknowledges ‘Insignificant’ Funds Were Processed
eXch admitted that some Bybit hack funds passed through its platform but labeled the amount “insignificant.” The exchange claims it will donate the transaction fees for public good and refuted allegations of further involvement.
Bybit Freezes $42M, Calls for Cooperation
Bybit has managed to freeze $42 million of the stolen funds but has faced resistance from eXch. The latter accused Bybit of previously freezing its users’ deposits, questioning why it should now assist the exchange. Bybit CEO Ben Zhou urged eXch to reconsider, stressing the industry’s need to stand united against hackers.
Largest Crypto Hack in History
The Feb. 21 Bybit hack is now the largest theft in crypto history, with losses exceeding $1.4 billion. The attack has significantly impacted Bybit’s total assets, which have dropped by over $5.3 billion, according to DeFiLlama data.
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