eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20

[GazetaBitcoin]

That's correct. We have already requested clarifications from them but no reply was provided to us.

This is just one more example that bureaucracy is the same allover the world.

I must also mention that going to any court physically is out of question for us since our team is currently located on a desert island which was the closest habitable location after a boating accident

You are now like a modern Robinson Crusoe

[Etranger]

I must also mention that going to any court physically is out of question for us since our team is currently located on a desert island which was the closest habitable location after a boating accident

You are now like a modern Robinson Crusoe

That is also an amazing reason not to show up physically at any court, even if the terms were correct from the opposite side 

[eXch]

200 BTC throughput mark surpassed in our aggregation wallet pool just in ~1 month after its launch!

https://mempool.space/address/bc1qu2dq8w8lv8v3l7lr2c5tvx3yltv22r3nhkx7w0

Add another 300 BTC monthly throughput in our mixed wallet pool (that can't be tracked publicly) making it ~500 BTC throughput in last 30 days. And this is without counting other currencies!

[paid2]

200 BTC throughput mark surpassed in our aggregation wallet pool just in ~1 month after its launch!

https://mempool.space/address/bc1qu2dq8w8lv8v3l7lr2c5tvx3yltv22r3nhkx7w0

Add another 300 BTC monthly throughput in our mixed wallet pool (that can't be tracked publicly) making it ~500 BTC throughput in last 30 days. And this is without counting other currencies!

That's great, well done!  


https://etherscan.io/tx/0x21f0da3982926d693c915b30a8a138db48f469989bff3e9e6434916fa2d3783f

Well done also on your donation to Simplex, I discovered this service recently thanks to a fellow bitcointalker and I'm very pleased!

However, I'm really surprised to see that the team behind Simplex uses Binance's services  

[Randomxuser444]

I understand and respect the need for privacy of someone OWN HARD EARNED MONEY, but when/if you know that scammers and cybercriminals use your service it would be better to report their trades back to the police requests.

Scammers and Criminals bring no good to our world.

[paid2]

I understand and respect the need for privacy of someone OWN HARD EARNED MONEY, but when/if you know that scammers and cybercriminals use your service it would be better to report their trades back to the police requests.

Scammers and Criminals bring no good to our world.

In my humble opinion, the principle of a service focused on respecting the privacy and data of its users, is precisely that it doesn't arbitrarily choose to whom it offers privacy or not.

[Z-tight]

I understand and respect the need for privacy of someone OWN HARD EARNED MONEY, but when/if you know that scammers and cybercriminals use your service it would be better to report their trades back to the police requests.

Scammers and Criminals bring no good to our world.

Obviously we all know scammers and criminals are no good, but if you call your service pro-privacy, then you cannot selectively offer privacy by hiring a blockchain analysis company to spy on people's utxo's and tell you if they should be allowed to swap their coins or not, eXch doesn't require kyc for a swap, you just swap your coins instantly after you make a deposit, they can't know how and where the coins came from, because they don't spy on you.

eXch also doesn't log ip addresses and if you don't believe that, then they are also tor-friendly, so you can use their onion link and connect to their service over tor to ensure your privacy, in that case, there is no way they can report back to LE when they are retrospectively required to provide info about a certain tx. Op, there are already enough centralized exchanges and services doing what you ask, you don't want all the remaining privacy tools and services to become honeypots for the government, do you?

[Randomxuser444]

I understand and respect the need for privacy of someone OWN HARD EARNED MONEY, but when/if you know that scammers and cybercriminals use your service it would be better to report their trades back to the police requests.

Scammers and Criminals bring no good to our world.

you don't want all the remaining privacy tools and services to become honeypots for the government, do you?

No, this service is the best of all.

I am not saying that every trx should be monitored or logged, they can see if a crypto is coming from illegal source like hacked exchange assets or ponzi scheme address and if such crypto enter eXCH platform, least eXCH can do is refuse to process the trade and send the crypto to where it came from (-% fee). Or better to just donate the assets for a good cause.

[paid2]

--snip--   Or better to just donate the assets for a good cause.

I don't agree. Stealing money from thiefs is still stealing.

Any scammer/hacker will always find someone to exchange his altcoins or BTC into Monero ; or will always find a place to mix his coins if needed. This fight is lost in advance.

If, for example, scammers bother you, the only way to combat them is to educate users -as much as possible- so they can avoid to get scammed. Treating the consequences but not the roots is useless.

[Z-tight]

I am not saying that every trx should be monitored or logged, they can see if a crypto is coming from illegal source like hacked exchange assets or ponzi scheme address and if such crypto enter eXCH platform, least eXCH can do is refuse to process the trade and send the crypto to where it came from (-% fee). Or better to just donate the assets for a good cause.

To know if a tx is from an illicit source, you have to be spying on all tx's. Imagine if every custodial privacy tool like mixers and no-kyc instant exchanges start confiscating funds and attacking BTC's fungibility in this way, people who care about their privacy would stay away from such services, and it does not mean they use stolen funds, but because there is a possibility that their funds can be confiscated for any reason.

As a privacy tool, you shouldn't be spying on people's utxo's or rejecting their funds for mixing, or swapping if it is an instant swap exchange, the moment you start doing that you are no longer a privacy tool, but more like a centralized exchange or similar services.

[Marvelman]

/.../
Treating the consequences but not the roots is useless.

On the other hand, some people think that by targeting scammers where it hurts (their wallets), you could actually create a deterrent.  It's kind of like playing a Robin Hood game – stealing from the bad guys and hopefully preventing future scams. 

But you know, it's complicated and  finding the right balance between teaching people not to get scammed and directly taking money away from the scammers themselves – Id say we should try to do both if we can.

[GazetaBitcoin]

Well done also on your donation to Simplex, I discovered this service recently thanks to a fellow bitcointalker and I'm very pleased!

Just curious, how did you find out that eXch donated to SimpleX?

However, I'm really surprised to see that the team behind Simplex uses Binance's services 

And how did you got to find that too?

iwantmy10000acrescourtyardpaidwithbtctoo, you are always surprising

At same time, I would like to recommend the services offered by SimpleX to any user looking for private instant communications.

[paid2]

Just curious, how did you find out that eXch donated to SimpleX?
--snip--
And how did you got to find that too?

iwantmy10000acrescourtyardpaidwithbtctoo, you are always surprising

Haha thank you but I have no merit!   They share their donations regularly on their homepage in the top banner:

Same thing in last September, they shared a donation done to the Tor project

OP, your donation to the Tor Project is awesome!

For funds sent to Binance, some explorers display the names of the hot wallets of the biggest CEXes and DEXes. In this case, Etherscan displays it

[eXch]

[...]

I am not saying that every trx should be monitored or logged, they can see if a crypto is coming from illegal source like hacked exchange assets or ponzi scheme address and if such crypto enter eXCH platform, least eXCH can do is refuse to process the trade and send the crypto to where it came from (-% fee). Or better to just donate the assets for a good cause.

All customers are equal for us as well as their cryptocurrency, since there is no way to tell whether someone is criminal on the Internet in the same way there is no way to tell whether a random person you see on the street is a criminal or not. We won't ever participate in the attack on Bitcoin's fungibility lead by taint-proclaiming services like Bestchange and their chain analysis friends. Due to a pseudonymous nature of cryptocurrencies like Bitcoin, there is no certain way to determine a source of some UTXO. One single hop of some UTXO to another address can be a sign that the UTXO has participated in some private (P2P) trade on this forum or any other place on the Internet. Same like cash. Once you receive a cash from someone, it turns into your cash and its source do not represent any importance anymore. Unfortunately chain intelligence companies don't do their job properly which results into unreliable data and misinformation across cryptocurrency communities. eXch don't trust chain intelligence companies and won't ever rely on their data nor discriminate users.

We also don't agree with the general idea that it's exchanges fault if "dirty" money flows through them. We think the root problem is that users who lose their crypto for some reason don't treat their crypto as cash. Someone losing 27$M in cash (or in crypto) apparently made a mistake of not securing their funds enough - same applies to crypto. We live in a reality where thieves exist and many times LE won't be able to help recovering a loss, so why making an easy target from yourself if you care about your money?

There are many ways to get your crypto stolen:

you use Windows OS for a crypto wallet and frequently install random .exe's - you are an easy target for malware
you use Google Play for installing apps on your Android that manages your wallet - you are an easy target for malware
you use closed-source wallets - you are an easy target for your wallet developers
you use open-source wallets that rely on bad coding practices (e.g. Trust Wallet) - you are an easy target for all kind of attack surfaces due to developers not caring about their users enough
you use SMS for 2FA - you are an easy target for SIM swappers
you pre-approve USDT for airdrops - you are a potential target for Pink Drainer and others
you are a NodeJS (or similar language) developer and don't verify what you install from NPM - you are an easy target for dependency supply chain attacks
you use and believe hardware wallets are ultimate security solution but forget to check if your OS has a clipper malware - you are still an easy target
you brag about your crypto wealth to strangers - you are an easy target for a 5$ wrench attack
and so on and on... List of bad security practiced by at least 50% of crypto users don't stop here at all. I can also elaborate on literally *any* of the above with real-world examples - just point me out any subject.

Please just treat your crypto as cash and think twice about its security, then the obsession with AML/KYC for crypto should calm down a bit. Don't listen to the governments that tell you "crypto isn't a financial instrument" but at the same time are trying hard to eliminate it from their way. Crypto is a financial instrument and it should be taken seriously like any other financial instrument.

And to be honest - you ask too much from a small exchange like eXch. Why not ask the same from other major CEX if you seek justice so much?

https://nitter.cz/PeckShieldAlert/status/1723910079278395658#m

[...]
The presumed attacker 0x03C401...37E3 swapped the stolen $USDT for $ETH and bridged ~11.6K $ETH (worth ~$23M) to #Bitcoin via #Thorchain, and transferred a portion of these funds to various #CEXs, including #FixedFloat, #ChangeNow, #SideShift, #OKX, #WhiteBit, #Binance, #Kucoin and #HitBTC

As you can see, even major exchanges don't care about "dirty" crypto, so demanding this kind of "justice" from services like ours is unfair.

[Randomxuser444]

[...]

I am not saying...

And to be honest - you ask too much from a small exchange like eXch. Why not ask the same from other major CEX if you seek justice so much?

https://nitter.cz/PeckShieldAlert/status/1723910079278395658#m

As you can see, even major exchanges don't care about "dirty" crypto, so demanding this kind of "justice" from services like ours is unfair.

Ironically, I learnt about eXCH from a reply on that tweet indicate that eXCH is been using to launder money (https://nitter.cz/fsvltt/status/1723786963247824975#m)

You're right, it's not fair to ask one exchange to police all crypto trxs.

But it seem like it wont help that much anyway since crime ppl wont risk to do direct trade.

[Z-tight]

you use open-source wallets that rely on bad coding practices (e.g. Trust Wallet) - you are an easy target for all kind of attack surfaces due to developers not caring about their users enough

Your detailed response is great, as usual. I just wanted to point out that Trust Wallet is no longer open source, but closed source, and they have been closed source for a long time now. Their Github repositories are archived, and they have not be updated in years:

[1] https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6
[2] https://github.com/trustwallet/trust-wallet-ios
[3] https://github.com/trustwallet/trust-wallet-android-source

[eXch]

Your detailed response is great, as usual. I just wanted to point out that Trust Wallet is no longer open source, but closed source, and they have been closed source for a long time now. Their Github repositories are archived, and they have not be updated in years:

[1] https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6
[2] https://github.com/trustwallet/trust-wallet-ios
[3] https://github.com/trustwallet/trust-wallet-android-source

Good to know. Last time I visited their official website it was mentioning they were *fully open-source* but this wording was removed from their site recently it seems, however I wasn't up-to-date on this since I don't personally use such wallets.

Them stopping being open-source adds even more weight to my previous words about bad coding practices in Trust Wallet. I've mentioned Trust Wallet in a negative context because we were recently called to assist some investigation of a user who *trusted* that wallet and got their funds drained in the way that even a notorious security firm who investigated their case wasn't able to tell how exactly the private key was leaked. We have pointed out that they shouldn've used that wallet in a first place because it has a bad track history of its security, exposing users to funds drain.

Here is some quote from our response sent to them in regards to Trust Wallet:

[..]

I would argue you weren't following the best security practices in this case, considering the wallet you are/were using has a history of critical security incidents in the past:

https://hacked.slowmist.io/?c=Wallet (search for "Trust" on this page)

https://www.archyde.com/trust-wallets-private-key-vulnerability-has-been-hacked-170000-mg-official-victims-will-be-compensated/

https://cointelegraph.com/news/trust-wallet-to-reimburse-users-after-170-000-security-incident

Normally, it's best to change your wallet provider immediately in a such event, to avoid any further incidents of a software with such bad security practices, because the team behind that wallet has proven they couldn't provide adequate security to their users.

[...]

And of course the funds trace was lost right after it reached eXch.

Ironically, I learnt about eXCH from a reply on that tweet indicate that eXCH is been using to launder money (https://nitter.cz/fsvltt/status/1723786963247824975#m)

This is surprising, indeed. Good to know.

[dkbit98]

Recently we have launched an experimental feature of ETH/BTC swaps via the Avalanche Bridge...

Is there any chance for coins to get seized with AVAX bridge even if amount is lower than 5 BTC?
I did some testing and I see long text for order confirmation, and long waiting time.
No surprise that Avax is not really decentralized, same like most shitcoins and services related with them, with only few exceptions.

Please note that Thorswap doesn't make part of Thorchain at all and as it's just a privacy-hostile frontend for Thorchain, thus, eXch could be used as an alternative frontend to Thorswap (however, for now, limited only to the coins and tokens that we support).

This means we can expect support for more coins when Thorchain is added?

We also don't agree with the general idea that it's exchanges fault if "dirty" money flows through them. We think the root problem is that users who lose their crypto for some reason don't treat their crypto as cash. Someone losing 27$M in cash (or in crypto)

I don't know if this is connected but I heard from our local board that someone from Binance was kidnapped and robbed for millions of USDT in Montenegro.
This incident was later confirmed by CZ, but we know that someone tried to sell this USDT for cash  

[blue Snow]

Ironically, I learnt about eXCH from a reply on that tweet indicate that eXCH is been using to launder money (https://nitter.cz/fsvltt/status/1723786963247824975#m)

why does it lead to eXch exchange? because someone could make the same trick or bad campaign to lead that laundry to eXch.

eXch exchange is aims for good, it's same as another exchange to help people swap his crypto, but eXch made is better than other exchanges because eXch is more decentralization, and don't need to KYC (prioritize privacy), So if someone misuses it and abuses it (for money laundry) It's not the exchange's fault, it's the same as fiat which is often used for that too, and even more than that such thing.

[JeromeTash]

I always wonder why these claims of laundering are so loud when it comes to crypto or decentralized no KYC services. To me, it is more of an excuse to demonize the freedom of privacy being promoted by platforms just as eXch.
Fiat currencies or banks are actually the biggest money laundering enablers we know.