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The cryptocurrency exchange eXch announced it will cease operations on May 1 due to money laundering allegations

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange eXch announced that it will cease operations on May 1. Earlier reports indicated that the exchange was used for money laundering, involving some of the stolen funds from the $1.4 billion hack incident related to Bybit.In an announcement on April 17, eXch stated that the majority of the management team voted to adopt a "stop and retreat" strategy in response to allegations that the North Korean hacking group Lazarus Group laundered approximately $35 million through the platform—funds that originated from the $1.4 billion hack suffered by Bybit.The exchange claimed it had become a target of a "transatlantic joint law enforcement operation" aimed at shutting down its business and potentially filing criminal charges. eXch stated in its announcement: "Although we have withstood multiple attempts to shut down our infrastructure and maintained operations, we believe it is pointless to continue operating in an environment where we have become a target of signals intelligence surveillance, solely due to the hostile environment created by the misinterpretation of our mission by certain individuals." The exchange initially denied blockchain detective claims that it assisted the Lazarus Group in laundering money but acknowledged handling a "very small portion of funds" from the February hack incident.
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