BlockBeats News, April 18th, according to Cointelegraph's report, the cryptocurrency exchange eXch announced that it will cease operations on May 1st. Earlier reports suggested that the platform was used to launder some of the stolen funds from the Bybit exchange.
In an announcement on April 17th, eXch stated that the majority of its management team voted to "cease operations and exit" in response to allegations that the North Korean hacker group Lazarus Group used the platform to launder around $35 million, which originated from the $1.4 billion hack of Bybit. The exchange claimed to have become a target of a "Transatlantic Joint Law Enforcement Operation" aimed at shutting down its operations and potentially bringing criminal charges.
The exchange initially denied Blockchain analysis firm's accusations of helping the Lazarus Group launder money but admitted to handling a "minute portion of funds" from the February hack incident.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.