Hassan Maishera
TL;DR
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Non-KYC exchange eXch is set to shut down due to scrutiny tying it to money laundering and terrorism.
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North Korea’s Lazarus Group reportedly uses the crypto exchange to launder stolen crypto from Bybit.
eXch to Cease Operations on Money Laundering Scrutiny
Non-KYC cryptocurrency exchange eXch has officially announced its decision to shut down operations starting from May 1. This latest development comes following allegations of eXch being used by North Korea's Lazarus Group to launder stolen cryptocurrencies.
The cryptocurrency exchange stated in its announcement that it recently learned there is an active transatlantic operation to shut down the platform and prosecute the team for money laundering and terrorism.
eXch added that,
“Even though we have been able to operate despite some failed attempts to shut down our infrastructure (attempts that have also been confirmed to be part of this operation), we don't see any point in operating in a hostile environment where we are the target of SIGINT simply because some people misinterpret our goals. Starting from the date of the merger with a new management team this month, and as a result of some urgent meetings, the majority of us voted to cease and retreat instead of going against strong winds, because none of us wants to cause any harm to innocent people or this forum.”
The company decided to shut down the platform after a majority of the team voted to take this action due to the intense scrutiny. eXch added that they don’t see any point in operating in a hostile environment where they are a target simply because some people misinterpret their goals.
Several onchain analysts previously claimed that eXch was used by the Lazarus Group to mix and obfuscate the origin of its $1.5 billion worth of ETH stolen from Bybit earlier this year. However, eXch denied those allegations at the time.
In its recent announcement, eXch didn’t deny the presence of illicit Lazarus-linked funds on the platform. However, the crypto exchange pointed out that the platform was not designed to enable illicit activities, such as money laundering or terrorism.
Cryptocurrency exchange Bybit lost $1.5 billion in a hack orchestrated by the Lazarus Group in February 2025. The North Korea-backed group has exploited several other crypto protocols over the past few years, resulting in billions stolen from the industry.
