In a most curious turn of events, the crypto exchange eXch has gallantly denied any involvement in laundering funds for the notorious Lazarus Group of North Korea, following a rather audacious $1.4 billion hack of Bybit on the 21st of February. One might say, it’s a bit like a butler denying he’s been pilfering the silverware while the master’s back is turned!
In a statement dated the 23rd of February, delivered with all the pomp of a royal proclamation to the Bitcointalk forum, the eXch team declared, “We are not laundering money for Lazarus/DPRK,” while assuring the public that their funds were as safe as a cat in a room full of rocking chairs. They further insisted that their operations remained blissfully unaffected by the Bybit debacle.
In a previous missive to the forum, the exchange had the audacity to suggest that anyone claiming otherwise was merely spreading fear, uncertainty, and doubt (FUD)—a term that sounds suspiciously like something one might hear in a particularly dull dinner party. However, they did concede to processing an “insignificant portion of funds” from the hack, which is rather like saying one has only consumed a “modest” amount of caviar.
“The insignificant portion of funds from the Bybit hack eventually entered our address 0xf1da173228fcf015f43f3ea15abbb51f0d8f1123,” the eXch team elaborated, “which was an isolated case and the only part processed by our exchange, fees from which we shall generously donate for the public good.” How noble! One can almost hear the trumpets blaring in the background.
They further claimed, “There are no other addresses on the Ethereum blockchain, aside from deposit addresses that interact with this address, that are associated with our exchange.” A rather emphatic statement, one might say, akin to a child insisting they didn’t eat the last cookie while crumbs are still clinging to their chin.
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Several other blockchain analysts and the security firm SlowMist have also joined the fray, accusing eXch of receiving Ether from wallets linked to the Bybit hack. It’s beginning to sound like a rather raucous game of musical chairs, with everyone pointing fingers and no one wanting to take the blame!
Nick Bax, a member of the white hat hacker group the Security Alliance, chimed in with his own estimations, suggesting that eXch had done about $30 million of volume for the DPRK that day. SlowMist, not to be outdone, claimed there had been a “significant amount of ETH” converted into other cryptocurrencies on eXch. One can only imagine the chaos ensuing in the crypto world!
Bybit’s hack on February 21 marks the largest crypto theft in history, with the dastardly attackers making off with over $1.4 billion after gaining control of Bybit’s Ether multisig cold wallet. Bybit, bless its heart, continues to process all withdrawals, but alas, its total assets have plummeted by over $5.3 billion, according to DefiLlama data, including the $1.4 billion in stolen assets. Quite the pickle!
Efforts to Freeze Stolen Bybit Funds
In a rather dramatic update on February 23, the exchange announced through a “coordinated effort” that over $42 million of the stolen funds had been frozen. However, it appears that Bybit has encountered a bit of resistance from eXch, as per a forum post from
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2025-02-24 05:25