Elliptic reports that about USD 200 million of the USD 1.46 billion stolen from Bybit in February 2025 was routed through eXch, a no-KYC crypto exchange service. The source says eXch had already processed proceeds from other North Korean exploits and broader criminal activity, while refusing law enforcement and industry requests for cooperation. Elliptic describes eXch as using many wallets despite public claims of limited infrastructure, including decoy transactions intended to confuse blockchain analytics. The case shows how DPRK linked crypto theft proceeds can move through privacy focused exchange infrastructure that also services hacks, scams, phishing, darknet markets and sanctioned entities.