Kyrrex Exchange Inside HTX Implicated in $10B Scam Network

Kyrrex, an exchange registered in St. Vincent and the Grenadines, operated within HTX using "nested" operations. This complicated regulatory oversight.
Investigators found Kyrrex handled wallets linked to hackers, fraudsters, sanctioned actors, and criminal networks.
A report by the International Consortium of Investigative Journalists revealed that investors lost approximately $6.5 million through Kyrrex-controlled wallets.
Legal representative Marius Hupkes claims some Kyrrex accounts were opened fraudulently using fake information.
Kyrrex is facing lawsuits amounting to $11 million from Dutch victims.
The platform allegedly moved around $10 billion in Bitcoin between February 2022 and July 2025.
Co-founder Mykhailo Romanenko denied the "nested exchange" label and asserted compliance with regulations.
Authorities in multiple countries are investigating Kyrrex and HTX for potential money laundering and oversight failures.
The crypto industry faced over $2.1 billion in losses due to scams in the first half of 2025 alone.
Binance CEO Richard Teng highlighted a new crypto scam involving fraudulent access to user data via fake calls.