eXch.cx, Crypto Money Laundering and the Bybit Hack
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eXch.cx, Crypto Money Laundering and the Bybit Hack
The Bybit $1.5 billion hack brought unwanted attention to one peculiar actor embroiled in DPRK money laundering shenanigans: eXch.
Although eXch may be an unknown name to most crypto users, that’s not the case for blockchain security researchers and firms. Since 2023, when tracing the obfuscated routes taken by crypto criminals post-heist, we’ve observed a sharp uptick in the use of eXch.
The DPRK threat group behind the Bybit attack, TraderTraitor, relied on eXch to successfully launder almost $100 million — funds that are now effectively untraceable.
So what makes this discreet, somewhat decrepit centralized exchange such a key gateway for crypto money laundering?
That’s exactly what we explore in our latest crypto money laundering report.
eXch — A Privacy Tool of European Origin(?)
What is eXch and How Does it Work?
EXch is an automated centralized exchange that is very primitive in its usage. It functions like OG exchanges …
The Bybit $1.5 billion hack brought unwanted attention to one peculiar actor embroiled in DPRK money laundering shenanigans: eXch.
Although eXch may be an unknown name to most crypto users, that’s not the case for blockchain security researchers and firms. Since 2023, when tracing the obfuscated routes taken by crypto criminals post-heist, we’ve observed a sharp uptick in the use of eXch.
The DPRK threat group behind the Bybit attack, TraderTraitor, relied on eXch to successfully launder almost $100 million — funds that are now effectively untraceable.
So what makes this discreet, somewhat decrepit centralized exchange such a key gateway for crypto money laundering?
That’s exactly what we explore in our latest crypto money laundering report.
eXch — A Privacy Tool of European Origin(?)
What is eXch and How Does it Work?
EXch is an automated centralized exchange that is very primitive in its usage. It functions like OG exchanges …