Reported by Zack Abrams

As the Lazarus Group, widely believed to be behind the recent $1.4 billion hack of Bybit, attempts to launder the stolen proceeds, non-KYC centralized exchange eXch is denying accusations that its service is being used to “mix” the funds. 

“We are not laundering money for Lazarus/DPRK,” eXch wrote in a post on the forum Bitcointalk, using the abbreviation for the North Korean government, believed to be the state sponsor of the Lazarus group. “[T]he opposite opinion is solely a perspective of some people that wish decentralized coins’ fungibility and on-chain privacy to vanish…long-time haters of decentralized crypto in general.” 

Several blockchain analysts noted transfers of ETH from wallets associated with the Bybit hack to the eXch exchange. “By my estimate, eXch did about $30M of volume for DPRK today,” wrote Nick Bax, a member of the Security Alliance, or SEAL, group in a post on X. “Curious to see how long they can keep this up.”

“Exch[.]cx, a no-KYC exchange, has recorded an abnormal spike in ETH volume—20K ETH in the past 24 hours versus its usual 800 ETH,” noted analyst Vxdb.

Read full report: https://www.theblock.co/post/342871/non-kyc-exchange-exch-denies-money-laundering-allegations-as-eth-reserves-spike-following-bybit-hack