eXch
Summary
eXch (exch.cx) was a no-KYC instant cryptocurrency swap service operating from 2014 until its forced shutdown in May 2025. Registered in Belize under the name Private Project Facilitators LTD, the platform processed an estimated $1.9 billion in total volume, deliberately advertising its absence of anti-money laundering controls on criminal underground forums. German federal law enforcement seized approximately $38 million in cryptocurrency assets and 8 terabytes of data from the platform in April 2025, following evidence linking eXch to laundering roughly $200 million of funds stolen in the $1.46 billion Bybit hack carried out by North Korea's Lazarus Group.
Connected Entities
1 entities- + 3 more
Timeline(13 events)
2014-01-01
eXch launched as a no-KYC instant cryptocurrency swap service, registered in Belize as Private Project Facilitators LTD.
2017-01-01
eXch allegedly processed funds linked to the Parity Wallet exploit ($17.7 million stolen).
2023-11-01
eXch publicly posted and rejected subpoenas from New York State and other agencies, publicly boasting of zero compliance with law enforcement since launch.
2024-02-01
FixedFloat exchange hacked for $26 million; eXch allegedly processed laundered proceeds and refused IRS cooperation on the investigation.
2025-01-15
eXch issued an open demand letter threatening Elliptic and other blockchain analytics firms over high-risk designations of the platform.
2025-02-21
Bybit exchange hacked by Lazarus Group (North Korea) for approximately $1.46-1.5 billion in Ethereum — the largest crypto theft in history.
2025-02-22
On-chain analyst ZachXBT alleged eXch laundered approximately $35 million of Bybit hack proceeds within hours of the theft; eXch's ETH reserves were observed spiking.
2025-03-31
eXch announced a planned merger and infrastructure relocation, citing alleged attacks on its systems.
2025-04-17
eXch announced it would shut down on May 1, 2025, citing awareness of an 'active transatlantic operation' targeting the platform and potential terrorism financing charges.
2025-04-30
Germany's BKA and Frankfurt prosecutors executed the eXch takedown one day before the announced shutdown, seizing all server infrastructure and removing clearnet and dark web domains.
2025-05-01
eXch's announced shutdown date; former management transitioned to consulting roles as nominal new leadership took over.
Decision Log
- hash: Ba1P99415Z7wZgJZEa7GdEw65FfRgsVfHbRQJKN8San
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet
generated: 5/4/2026, 4:05:01 PM
last updated: 5/26/2026, 4:11:15 AM
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