The Crypto World is once again under controversy. Customery Crypto Alternate EXCH has officially announced 17 April that it will shut down all its operations from 1 Might 2025. This decision of EXCH was taken after a major controversy in which he was accused of using the exchange Bybit hack Stolen funds through North Korea’s Lazarus Crew were done for money laundering. According to reports, it was done through a $ 35 million cleaning EXCH, which was part of a total $ 1.4 billion theft.
“Cease and Retreat” – EXCH’s official statement
EXCH said in its notice that most of the members of his management team decided to stop and retreat the operation from the Common Consent. The exchange reported that it has become a focus of a “transatlantic operation” that is closing it and moving towards Potential Legal Action.
EXCH claimed that under this operation several failed attempts were made to target his infrastructure, but now it was not possible to work in “HOSTILE Environment”.
Lazarus Crew and Money Laundering allegations
Crypto Exchanges EXCH alleged that he was involved in the laundering of funds stolen from Bybit by North Korea’s hacker group Lazarus. Although the exchange initially rejected the allegation, later EXCH accepted that it processed a “Insignificant Port of Funds” associated with that hack. This confession further increased the controversy and the regulators’ eyes on it further.
Privateness vs Law: Exchange cleaning
Announcing the shutdown, EXCH’s team said that their platform gives priority to the privacy of users and many crypto exchanges bother customers under “nonsensical political policies”. He says that privacy of privacy associated him with money laundering, while his purpose was transparency and independence.
Bybit Hack: Crypto History’s biggest cyber attack
Bybit Hack is being counted among the biggest crypto thieves ever. The attack caused withdrawal of over $ 5 billion, including $ 1.4 billion stolen funds. Bybit’s CEO Ben Zhou said that even if the funds are not recovered, the company can compensate for the loss. Later Bybit closed his NFT marketAlong with this, some web3 products and services were also stopped.
Bunny Hunters and Recovery
Bybit gave more than $ 2 million to those who helped follow the money trail and track stolen funds. By 20 March, about 89% of the funds had been tracked and they were being freed. Up to 10 April, bybit withdraws about 7% market shares before its hack.
Conclusion
The closure of EXCH is a major alarm for the crypto industry. While privacy and freedom are talked about on the one hand, on the other hand, the use of money laundering and eyegle funds question the credibility of Crypto. This phenomenon is also an indication for regulators that the time has come when the monitoring and regulations of digital assets are more strict and clear.
