eXch, a crypto swapping platform known for facilitating illicit transactions, was shut down by German authorities in April after being linked to the Lazarus Group. The platform, which operated without KYC checks, allowed users to exchange cryptocurrencies anonymously, attracting cybercriminals. Even after the shutdown, activity continued, suggesting eXch may have resumed operations discreetly. Reports indicate that it continued to service select partners via API, thus enabling laundering activities post-takedown. Despite its claimed cessation of criminal support, eXch maintained back-end access that possibly provided infrastructure for threat actors. The platform’s history traces back to its 2014 origins, and it saw heightened activity in 2022 as a hub for crypto drainers. With $1.9 billion reported in crypto flows since inception, authorities suspect eXch operators of money laundering and running a criminal trading platform. Following its closure, eXch's message emphasized privacy rights in the crypto space, while experts note that bad actors might simply migrate to alternative platforms.

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