eXch Shutting Down Amid Money Laundering Allegations Following Bybit Hack

The privacy-focused cryptocurrency exchange, eXch, will cease operations on May 1st following accusations that it was used in the laundering of funds stolen from Bybit during a $1.5 billion hack. The Czech-based exchange claims to have been targeted by an alleged transatlantic operation aimed at shutting it down and potentially prosecuting key individuals for money laundering and terrorism. eXch, known for its minimal know-your-customer requirements, emphasizes that it was designed as a privacy experiment without financial goals, denying any intent to facilitate illicit activities.