TechFlow reported on February 24 that, according to The Block, the KYC-free centralized exchange eXch denied allegations of laundering money for the Lazarus group but admitted to handling portions of the stolen Bybit funds in "individual cases." Blockchain analysts observed a sharp surge in eXch's ETH reserves over the weekend, with transaction volumes reaching 20,000 ETH within 24 hours—significantly exceeding its usual daily volume of around 800 ETH.
eXch stated it would donate the related proceeds to open-source projects focused on privacy and security. In response to Bybit's request to block suspicious addresses, eXch refused, citing Bybit's prior designation of eXch as "high risk." Bybit CEO Ben Zhou called on eXch to reconsider and assist in halting the outflow of funds.
