Crypto swapper eXch shows signs of life after post-Bybit shutdown
eXch, a crypto platform known for facilitating illicit transactions without KYC checks, was shut down by German police in April 2023 after being linked to the Lazarus Group, a North Korean hacking unit. Despite the shutdown, reports indicate that eXch may have continued operations covertly, servicing select partners via API. German authorities seized its servers and €34 million in crypto, dismantling its public infrastructure. eXch's origins date back to 2014, evolving into a hub for cybercriminals due to its anonymity features and pooled liquidity system. The platform denied laundering funds for hackers but faced scrutiny for its lack of accountability. While its closure is seen as a victory for crypto regulation, concerns remain about bad actors migrating to other platforms. eXch's operators are under investigation for commercial money laundering, with $1.9 billion in crypto flowing through the platform since its inception.
