Crypto exchange eXch announced it will cease operations on May 1 following allegations of being used to launder funds from a Bybit hack. In a notice on April 17, the majority of the management team voted for a “cease and retreat” strategy after North Korea’s Lazarus Group was implicated in laundering $1.4 billion stolen in a cybersecurity breach. eXch is reportedly the target of an active operation aimed at shutting it down and potentially pursuing charges against it. While initially denying the reports, eXch later admitted to processing an “insignificant portion” of the funds involved in the exploit. They asserted their focus on user privacy, criticizing others in the industry for mishandling withdrawals, including those linked to stolen assets. CEO Ben Zhou previously claimed the exchange could cover the losses if the funds were not recovered before the impending closure.

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