Summary
- The virtual asset transaction mixing platform eXch announced it will cease operations on May 1.
- eXch acknowledged processing approximately $35 million of the funds from the Bybit hacking incident.
- However, eXch stated they were not the main agents of money laundering and that only small fund movements occurred.
The virtual asset (cryptocurrency) transaction mixing platform eXch will cease operations on the 1st of next month.
According to Cointelegraph on the 18th (local time), eXch was found to have been used to launder some of the funds from the Bybit hacking incident that occurred last February. As a result, eXch announced the cessation of operations on May 1.
In an official statement, eXch acknowledged processing approximately $35 million of the $1.4 billion hacking funds leaked from Bybit. However, they clarified that they were not the main agents of money laundering and that only a small amount of fund movement occurred.
Suehyeon Lee
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