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The firm said it had chosen a \u201ccease and retreat\u201d strategy in response to allegations that the Lazarus Group laundered funds stolen in a $1.4 billion exploit of Bybit.<\/p>\n
Cryptocurrency exchange eXch announced it will cease operations on May 1 after reports alleged the firm was used to launder funds from a Bybit hack.<\/p>\n
In an April 17 notice, eXch said<\/a> the majority of people in its management team voted to \u201ccease and retreat\u201d in response to the allegations that North Korea\u2019s Lazarus Group used the exchange to launder roughly $35 million of the funds stolen in a $1.4 billion exploit on Bybit. The exchange said it was the subject of \u201can active transatlantic operation\u201d aimed at shutting it down and potentially pursuing charges.<\/p>\n \u201cEven 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\u2019t 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,\u201d said eXch.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n