In an official announcement, privacy-focused cryptocurrency trading platform eXch will cease operations on May 1 following allegations that North Korea’s notorious Lazarus Group used it as a portal for crypto money laundering.
After eXch received insider information from the state intelligence sector that the platform would face prosecution for alleged money laundering and terrorism, they decided to shut down.
The announcement read, “Even though we have been able to operate despite some failed attempts to shut down our infrastructure (attempts that have also been confirmed to be part of this operation), we don’t see any point in operating in a hostile environment where we are the target of SIGINT (Signals Intelligence) simply because some people misinterpret our goals.
Starting from the date of the merger with a new management team this month, and as a result of some urgent meetings, the majority of us voted to cease and retreat instead of going against strong winds, because none of us want to cause any harm to innocent people or this forum.”
eXch Denies Money Laundering Accusations
The crypto exchange’s decision to shut down follows concerns about the platform’s role in facilitating illicit financial activity. eXch has always claimed to be a secure and private platform for cryptocurrency trading; however, the recent allegations against the exchange suggest that malicious actors have exploited its features.
In February, several analysts laid serious allegations against eXch, accusing the platform of facilitating money laundering activities for the notorious Lazarus Group, which eXch denied involvement.
Crypto investigators suspect the Lazarus Group to be behind the massive $1.4 billion hack of cryptocurrency exchange Bybit, a heist widely regarded as one of the largest in crypto history.
However, it seems the fallout from the allegations has been severe, with the platform opting to shut down due to an inability to operate under intense scrutiny and Signals Intelligence surveillance.
Lazarus Group’s Reign of Terror Continues
The Lazarus Group has orchestrated numerous high-profile hacks in the crypto space. Linked to North Korea, the notorious group has faced several accusations of using various cryptocurrency platforms to launder stolen funds.
In October, crypto detective ZachXBT revealed that Lazarus Group had been receiving help from Chinese trader Yicong Wang, who deals in over-the-counter (OTC) cryptocurrency transactions.
