eXch has denied allegations that it laundered money from the Bybit hack on behalf of the North Korean Lazarus group, in response to reports that it processed over $30 million in stolen funds.
In a statement on February 23 on Bitcointalk, eXch confirmed that it did not engage in any money laundering.
This came after analyst ZachXBT claimed that the platform processed $35 million in stolen funds, and mistakenly transferred 34 ETH to another hot wallet.
SlowMist analysts also reported that eXch received Ethereum from wallets linked to the hack, with large amounts being transferred to other currencies.
eXch rejected these claims, asserting that only a small portion of the funds entered its platform, describing the matter as an isolated case.
It also criticized ZachXBT’s statements, calling for reliance on reliable sources rather than independent researchers.
CZ proposes to pause withdrawals after hack:
The Bybit hack is the largest in cryptocurrency history, with over $1.4 billion stolen after a multi-signature Ethereum cold wallet was hacked.
Binance founder CZ has suggested pausing withdrawals as a security measure, saying he is ready to help.
CZ cited Binance’s experience in 2019, where a temporary pause in withdrawals after a $40 million hack stabilized the situation when operations resumed.
Despite concerns that the move could cause panic, CZ expressed confidence in Bybit CEO Ben Zhou’s ability to manage the crisis, praising his transparency compared to the leadership of other platforms such as WazirX and FTX.
