The crypto world watched the rise and fall of eXch, but investigators say the platform may still be lurking behind the scenes.
Once a go-to swapper for hackers and drainers, eXch was shut down by German police in April — but continued activity suggests the story isn’t over.
Without Know Your Customer (KYC) checks, eXch wasn’t your typical crypto exchange. It acted more like an instant swapper, allowing bad actors and cybercriminals to fly under the radar for years.
Among its clients was the Lazarus Group. The North Korean state-backed hacking unit thrust eXch into the spotlight back in February, when it used the platform to funnel some of the $1.4 billion it stole from Bybit. When Bybit traced its stolen funds to eXch, it requested assistance — but the platform refused.
