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Crypto Exchange eXch to Shut Down May 1 Amid $1.4B Bybit Hack, Lazarus Group Links, and DOJ Whistleblower

Cryptocurrency exchange eXch announced it will cease operations on May 1, 2025, following allegations that it was used to launder funds linked to the $1.4 billion Bybit hack. The exchange has been connected to North Korea’s Lazarus Group, which is accused of laundering approximately $35 million from the hack. eXch, a non-KYC platform, acknowledged that a small portion of the stolen funds passed through its system but denied being a crypto mixing service. The decision to shut down came after a majority vote from the management team, influenced by information provided by a verified whistleblower from the U.S. Department of Justice. In response to the situation, eXch also committed 50 BTC to privacy development initiatives. The closure marks the end of operations for the exchange amid ongoing scrutiny over its role in the laundering of stolen cryptocurrency. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io Bitcoin.com

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BNB Chain’s announces upgrade to $100m incentive program

BNBChain is upgrading its $100 million incentive program to feature direct token acquisition. According to an update , the change in approach follows ecosystem feedback that showed the initial liquidity program for memecoins, decentralized finance, artificial intelligence and gaming tokens among other projects on BNB Chain was not as effective as expected. BNB Chain initially announced the $100 million program aimed at incentivizing centralized exchanges to list native BNB Chain tokens in March 2024. The goal was to strengthen on-chain liquidity and to solidify market foundations, with projects earning rewards for listing on CEXs in a tiered approach. Top exchanges included Binance , Coinbase, Upbit, while tier two and three consisted of Kraken, Bybit, OKX and Bitget, MEXC, Gate.io, KuCoin, Crypto.com respectively. Rewards ranged from $10k to up to $500k. You might also like: Crypto exchange Kraken to add support for Binance-backed BNB token According to BNB Chain, feedback after a three-week pilot showed this model wasn’t working, which is what prompted the change. Rather than the incentives aimed at through listings, the BNB Chain now plans to support high-performing projects via direct investments. Projects with a market cap of over $1 million and average daily active traders exceeding 300 or total value locked of $20 million can enter a “qualified pool.” Other metrics, including security, will apply, with selected projects seeing BNB Chain Foundation purchase $100,000 worth of tokens. “BNB Chain Foundation also keeps the flexibility to decide when to purchase tokens and how to handle the purchased tokens,” the platform wrote. This initiative eyes tokens that qualify as being 100% BNB Chain native, with this tag extended to those that have successfully migrated from other chains. The blockchain has seen an influx of new projects as developer activity spikes across DeFi, AI, web3 gaming, and memes. Some of these new launches include infra project Quex Tech, payments solution Crypto Use, AI-powered web3 launchpad BNB4.AI and Market.Win, an oracle data-based prediction market. You might also like: Interview: BNB Chain on hosting Trump-affiliated USD1 stablecoin Bitcoin.com