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

[joker_josue]

The situation is truly regrettable. I myself have already planned some projects that involved greater privacy, and I realized that I could face major problems with the authorities and I ended up still (I reiterate: still) moving forward, until I had the most balanced plan possible.

I hope that new opportunities may arise, so that the eXch team can create a similar project, but more safeguarded against this type of scenario.



I'm curious, will you continue to be active here on the forum?
Will there be a way to keep in touch and present projects or ask for opinions based on your experience?

[bitmover]

Unfortunately, we will not support projects that are written in Java, NodeJS, Go, or C#, especially developers who don't take module chain supply attacks seriously and believe they're some kind of "conspiracy theory".

Hello,

What are the recommended programming languages?

C, C++, and I think that's it. Maybe Rust, but that uses creates so I don't think it passes by. I also don't see Python in that list for some reason.

I think the biggest challenge here isn't the language. But to avoid using modules and libraries. They clearly stated "module chain supply attacks seriously "

 As python apps usually rely heavily in modules/libs, it might be harder than it looks like.

[LoyceV]

~ more safeguarded against this type of scenario.

The only way to do that, is full decentralisation. But that's not going to happen any time soon.

I'm (up to some point) okay with centralized but well-known and regulated services (be it casinos or exchanges) that require KYC. I'm also okay with completely anonymous but trusted services that don't ask for any personal data.
Problems start when unregulated exchangers demand personal data after depositing, which many exchangers seem to do. We need more trusted exchangers, not less.

[uchegod-21]

Even when I thought the US government is becoming privacy friendly and mixers could be given a chance again, an exchange is being attacked.
I read it randomly in the internet that exch is shutting down because about 90,000 ethe of the bybit hacked was traced to their exchange. I just decided to come see here for myself. It's a pity we are losing yet another big privacy wind in this industry.

[Cricktor]

Even when I thought the US government is becoming privacy friendly and mixers could be given a chance again, an exchange is being attacked.

I don't want to mock anybody but I had to clean and wipe my screen after reading this.


It's sad that the team of eXch had to decide to stop what they did (their project) to protect themselves and others who may become collateral. The hypocrisy of the large exchanges who shit on privacy and hardly can avoid money or crime coins laundering can and will continue. That's far from an encouraging prospect.

I'm not entirely sure how to interpret the recent announcement and some clarification is highly appreciated.

What's the aim of the "new management"? Do something similar, but (slightly?) different to avoid becoming just another target?

[Z-tight]

Thank you for everything eXch and thank you for sticking to what you stand for from the start, right until now, the end. Privacy and anonymity is something the authorities would not cease to fight and prosecute those who offer it, all in the name of fighting money laundering and terrorism, and the reality is that they are too powerful and often get their way. It was really nice having a service like yours in the community, thank you and goodluck for future projects.

[Stalker22]

Well isnt this a crying shame.  I gotta say, Im real disappointed to see this announcement and  you have offered an incredibly helpful service for our community.  So thanks a ton for all your hard work over the years - its much appreciated even though things didnt turn out how we hoped.

[Rikafip]

Sad news indeed (even though I'm not too surprised given the pressure they were under lately) as eXch was the only exchange that I was using in the last ~year and a half and without any issues whatsover.
Honestly I have no idea what I'm going to use after May 1st...

[uchegod-21]

Sad news indeed (even though I'm not too surprised given the pressure they were under lately) as eXch was the only exchange that I was using in the last ~year and a half and without any issues whatsover.
Honestly I have no idea what I'm going to use after May 1st...

What pressure do you mean?
Do you think that this is a backfire from those fake projects that exch launched campaign against?
Has there been some pressure on them before now?

[Potato Chips]

Oh man, this is rough.

What a sad day for privacy concerned folks and/or all the average people who just wanted the peace of mind that their funds won't be hostaged in the name of KYC. Thank you for serving us well, exch. I've never had any problems with you and all has been smooth. It takes guts and conviction to run a service like this for the community. 🫡

I'm hoping someone can take the baton and launch another service.

[hugeblack]

Our partners will still have access to our API for a limited time, but what happens after May 1st will depend on our new management team, who will be in possession of all access to our infrastructure. Thus, we recommend launching their own liquidity pools to guarantee seamless operation. We will provide consulting and recommendations to them.

Will closing the service without a deal with law enforcement entities will be sufficient to avoid such accusations?

Given this, we are announcing a 50 BTC open-source fund to support any FOSS projects aiming to enhance the availability of privacy solutions. We hope we can still make a difference. Here are examples of the projects we will support:

I suggest creating/support Exch Lite with a fixed daily reserve of 0.1 -0.5 BTC (the minimum to avoid KYC request from users.) It will be useful for the forum

[bitmover]

I suggest creating/support Exch Lite with a fixed daily reserve of 0.1 -0.5 BTC (the minimum to avoid KYC request from users.) It will be useful for the forum

I would certainly use it!!

Ecosystem really lacks trusted services that are kyc free and allow to trade btc / eth / usdt / xmr

[NotATether]

What pressure do you mean?
Do you think that this is a backfire from those fake projects that exch launched campaign against?
Has there been some pressure on them before now?

This is all coming from Bybit and "the whitehat community" (who are apparently mostly just a bunch of bounty hunters at this point ). We can pinpoint the approximate date when governments started talking about takedown action against eXch to their announcement that they wouldn't be working with them anymore because their assistance was abused.

Notice how other exchanges like Binance can "accidentally" process illegal funds and yet we don't see them get seized ever. So the standards being applied here are not equal in any case.

[joker_josue]

I suggest creating/support Exch Lite with a fixed daily reserve of 0.1 -0.5 BTC (the minimum to avoid KYC request from users.) It will be useful for the forum

This could be a good option. Start allowing a maximum movement limit per visitor. Of course, since there was no account or any type of registration, someone just had to change their IP to overcome the limitation. But, I think it would already be an excellent idea.

Notice how other exchanges like Binance can "accidentally" process illegal funds and yet we don't see them get seized ever. So the standards being applied here are not equal in any case.

This happens because of a fallacy called KYC. When this "accidental" pass happens, they simply say "here's the details of who did it." Then you will check and those KYC details are fake or stolen. But, at that moment, this is no longer the platform's responsibility, because its ToS states that the data sent to the platform is the user's responsibility.

This is why KYC is not that effective in catching professional criminals. Both online and offline. In general, KYC only gets in the way of those who are good citizens and don't want to do anything wrong. Never get in the way of a bandit.

I have never heard a news story saying that by collecting XPTO data they were able to reduce crime by x percent. On the contrary, the news is, we will ask for more KYC data to try to reduce the crime that has been increasing.

[Pmalek]

We live in a deeply flawed world. As I said in the Croatian sub on this topic, it's sad when a service like eXch closes down. It doesn't matter if you used it or not. The fact that they don't want to continue is another victory for the modern global totalitarian regime called democracy. They are slowly eliminating all resistance. It will be interesting to see what exchange will attract those who preferred eXch in the past.

Hope your team can unite and return under a different brand. There is a demand to fill.

[LoyceV]

It will be interesting to see what exchange will attract those who preferred eXch in the past.

I expect a few (selectively) scamming exchanges to pop up, which will lead to people losing their coins

[Synchronice]

Unfortunately, we will not support projects that are written in Java, NodeJS, Go, or C#, especially developers who don't take module chain supply attacks seriously and believe they're some kind of "conspiracy theory".

I'm someone with a major in Finances but lately I discovered that I love coding and web development. I'm learning JS and I was thought about learning NodeJS too. Can you tell me what's wrong with projects that are written in NodeJS?

It's really very sad to see you going. Exch was truly the exchange that we could trust and these days, it's hard to find a business that's trustable and doesn't abuse KYC for their own benefit.
Maybe it's better if you stay in this business? Implement KYC, that's okay, just be fair with KYC. Some exchanges ask for KYC documents to find an excuse and not send money to customers. I think we all believe that you won't do that and you'll be very fair with KYC requirements. So, please, stay in the business and implement KYC, you'll still be far better than 99% of exchanges.

[fillippone]

It will be interesting to see what exchange will attract those who preferred eXch in the past.

I expect a few (selectively) scamming exchanges to pop up, which will lead to people losing their coins

The damage done to the ecosystem with this aggressive move will be clear only in the long term.
An honest player thrown out of the competition just reinforces the bad actors.
I won’t be surprised if this also negatively affects the positive dynamics around mixers, which just stopped having headwinds in the US.

[LoyceV]

Maybe it's better if you stay in this business? Implement KYC

That would mean betraying everything they stand for:

Originally, we were just a team of privacy enthusiasts
~
Our project has demonstrated that an instant exchange done properly can be more effective than any centralized mixer in terms of privacy
Given this, we are announcing a 50 BTC open-source fund to support any FOSS projects aiming to enhance the availability of privacy solutions. We hope we can still make a difference. Here are examples of the projects we will support:
- Bitcoin wallets and protocols aiming to preserve user privacy
There will be other projects that will hopefully take our place as the industry leader in privacy-oriented centralized exchanges, and we wish them success.
Privacy is not a crime.

[Cricktor]

~~~

You've an interesting view of democracy. In my opinion it's not a fault of democracy per se, it's what crooked politicians make of it AND what voters tolerate and allow them to do. I'm not looking to digress here about democracy, it's just I wouldn't want to live with anything else than a society based on democracy. YMMV, that's fine.


I recall that I missed to say a big Thank you! to eXch team for the excellent service they provided so far. Your example of a reliable privacy friendly exchange service with very ethical business rules and execution will be missed if it's not continued in some similar way by your new management team.

Wish you all the best and peace with authorities!


To all hypocrites who are responsible for this development: wish you decades of bad sex and mood. You suck!