The non-KYC centralized change eXch has strongly denied allegations of laundering stolen funds from the historic Bybit hack on behalf of the infamous Lazarus Group.
The accusations, which have been extensively mentioned throughout social media and blockchain investigation boards, declare that eXch processed tens of millions of {dollars} in stolen funds tied to the North Korean hacking collective.
In response to those accusations, eXch issued an official assertion on 23 February 2025. The change has labeled these claims as baseless and a part of a focused “FUD assault.”
“We’re not laundering cash for Lazarus/DPRK,” stated eXch.
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Bybit Suffers Loss Of $1.5 billion In Crypto Hack
The Bybit hack has now been confirmed as the biggest cryptocurrency theft in historical past, with attackers stealing over $1.4 billion after compromising the change’s Ethereum multisig chilly pockets.
The dimensions of this incident has despatched shockwaves by the business, elevating issues about safety vulnerabilities and threat administration practices at main exchanges.
Binance founder Changpeng Zhao weighed in on the state of affairs shortly after information of the hack broke.
In a 21 February 2025 put up on X (previously Twitter), Zhao urged quickly halting all withdrawals as a precautionary measure to make sure system integrity.
He commented, “Not a straightforward state of affairs to cope with. Would possibly counsel to halt all withdrawals for a bit as a normal safety precaution. Will present any help if wanted. Good luck!”
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Allegations Of Laundering $30 Million Linked To Lazarus Group
eXch Refuses to Cooperate After Being Linked to North Korean Hackers
@Bybit_Official request for help was rejected by eXch, the coin mixer utilized by North Korean hackers.
— Crypto luffy (@CryptoLuffy007) February 23, 2025
The controversy started when distinguished blockchain investigator ZachXBT alleged in a Telegram put up that eXch had processed $35 million price of stolen funds from the Bybit hack. He additionally claimed that the change mistakenly despatched 34 ETH (roughly $96,000) to a different change’s sizzling pockets.
Different blockchain analysts and safety agency SlowMist corroborated these allegations. He stated that eXch acquired Ethereum (ETH) from wallets related to the Bybit exploit.
Nick Bax, a member of the Safety Alliance white hat hacker group, additional estimated that eXch dealt with roughly $30 million in funds linked to North Korea on the identical day. Moreover, a portion of the stolen ETH was transformed into different crypto on eXch’s platform.
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Key Takeaways
The Bybit hack has now been confirmed as the biggest cryptocurrency theft in historical past, with attackers stealing over $1.4 billion after compromising the change’s Ethereum multisig chilly pockets.
Whereas eXch has denied any wrongdoing, its acknowledgment that some stolen funds entered its platform highlights the challenges non-KYC exchanges face in stopping illicit transactions.
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