The post eXch Responds to Bybit Hack Accusations Amidst Spike in ETH Volumes and Laundering Concerns appeared on BitcoinEthereumNews.com.

The recent $1.4 billion hack of Bybit has cast a spotlight on the Lazarus Group, prompting serious discussions surrounding crypto laundering activities. Non-KYC exchanges, such as eXch, have found themselves under scrutiny as allegations surface regarding their involvement in processing stolen funds. According to blockchain analyst Nick Bax, eXch has seen significant ETH volume from the hack, leading to concerns over potential collusion. Delve into the ongoing controversy surrounding eXch’s involvement in the Bybit hack, the implications for non-KYC exchanges, and expert insights on crypto laundering. eXch Denies Involvement in Bybit Hack Laundering The controversial nature of non-KYC exchanges has never been more pronounced than in the wake of the recent Bybit hack. eXch, in particular, has issued a strong denial against claims that it is facilitating the laundering of stolen funds attributed to the Lazarus Group. In a public statement on Bitcointalk, eXch expressed, “We are not laundering money for Lazarus/DPRK,” highlighting their position amidst accusations that their platform is being exploited for illicit activities. The exchange attributes the accusations to individuals opposed to the principles of decentralized finance, suggesting that certain narratives are driven by a desire to undermine the industry’s integrity. Analyzing ETH Volume Spikes and Concerns of Money Laundering Recent blockchain analytics have drawn attention to a notable spike in activity from eXch, with metrics indicating a surge from typical trading volumes. Analyst Vxdb highlighted that eXch processed around 20,000 ETH in just 24 hours, a dramatic increase compared to its regular turnover of approximately 800 ETH. Nick Bax from the Security Alliance pointed out that, intriguingly, eXch handled about $30 million in voluminous trades during this period, raising red flags about the nature of these transactions. With Bitcoin reserves reportedly depleted and a 900% uptick in ETH reserves, scrutiny on eXch’s operational practices has intensified.…

---

Filed under: News - @ February 23, 2025 10:16 pm