eXch Shuts Down After $1.4B Hack Linked to Money Laundering Scandal

Crypto Exchange eXch to Shut Down Amid Money Laundering Allegations

Cryptocurrency exchange eXch has announced its decision to cease operations on May 1 following allegations of involvement in laundering funds stolen in a $1.4 billion hack of Bybit. The exchange stated that the Lazarus Group, a North Korean hacking entity, allegedly laundered $35 million through its platform. This decision was made after the majority of eXch's management team voted to adopt a "cease and retreat" strategy.

eXch initially denied the allegations but later admitted to processing a small portion of the stolen funds. The exchange cited a hostile operational environment and ongoing transatlantic investigations as reasons for its closure. The Bybit hack, one of the largest in crypto history, resulted in over $5 billion in user withdrawals. Bybit has since recovered 89% of the stolen funds and regained its market share as of April 10.

"Even though we have been able to operate despite some failed attempts to shut down our infrastructure... we don’t see any point in operating in a hostile environment," said eXch.

Key Takeaways:

eXch will cease operations on May 1 due to money laundering allegations.
The Lazarus Group allegedly laundered $35 million through the platform.
Bybit has recovered 89% of the stolen funds from the $1.4 billion hack.

OKX Expands into U.S. Market with New Offerings

Global cryptocurrency exchange OKX has announced its expansion into the U.S. market, launching its trading platform in 46 states and Washington, D.C. The company has also established a new headquarters in San Jose, California, and appointed Roshan Robert, a financial services veteran, as its U.S. CEO. This move is part of a rebranding effort, with the former Okcoin exchange now operating under the OKX name.

OKX has introduced a self-custody wallet supporting over 130 blockchains, enabling users to swap tokens, manage assets across chains, and access Web3 applications. The company aims to provide both retail and institutional customers with advanced trading tools, low fees, and deep liquidity. OKX is currently ranked as the fifth-largest cryptocurrency spot exchange globally.

Key Takeaways:

OKX launches trading services in 46 U.S. states and Washington, D.C.
New self-custody wallet supports over 130 blockchains.
Rebranding effort integrates Okcoin under the OKX name.

Mysterious Bitcoin Transfer Raises Questions

A significant Bitcoin transaction has caught the attention of the crypto community. A total of 600 BTC, valued at approximately $50.6 million, was transferred from an unknown wallet to Binance. Blockchain data reveals that the funds originated from a wallet linked to BIT.com (Matrixport), a centralized exchange with over $101 million in total assets.

The transaction, which included a minimal fee of $0.43, has sparked speculation about its purpose. While there are no signs of illicit activity, the size and timing of the transfer have made it a topic of interest. The Bitcoin remains in Binance's wallet, with no further movements observed.

Key Takeaways:

600 BTC worth $50.6 million transferred to Binance from BIT.com.
Transaction fee was only $0.43.
No signs of unusual market activity or illicit behavior detected.

Upbit Listing Triggers Altcoin Rally

South Korean crypto exchange Upbit has added support for Wallet Connect (WCT) on the Optimism network, leading to a significant price surge. WCT, a token used for staking, rewards, and governance within the WalletConnect network, saw its price jump from $0.28 to $0.62, marking a 121% increase. The token has since stabilized at $0.42, reflecting a 34.6% daily gain.

WalletConnect simplifies the process of connecting crypto wallets to decentralized applications, aiming to enhance user experience. The total supply of WCT is capped at 1 billion tokens, with allocations for development, rewards, and team members.

Key Takeaways: