German police shut down eXch, seize $38M from Bybit hack
German law enforcement has seized €34 million ($38 million) worth of cryptocurrencies and shut down eXch, a crypto-swapping platform used to launder proceeds from some of the biggest hacks in recent history—including the $1.5 billion Bybit exploit.
The operation was carried out on April 30, 2025, by the Federal Criminal Police Office (BKA) and the Frankfurt Public Prosecutor’s Office, who described the action as the third-largest crypto seizure in the agency’s history.
The seized assets include Bitcoin, Ether, Litecoin, and Dash, alongside more than 8 terabytes of data from the platform’s server infrastructure. Authorities also confirmed that eXch was accessible through both clearnet and darknet domains and had operated since 2014, facilitating roughly $1.9 billion in transfers—often without any Anti-Money Laundering (AML) procedures.
eXch: A hub for undetected crypto laundering
Authorities say eXch.cx served as a "swapping" platform—offering crypto-to-crypto exchanges without requiring user identification or maintaining user data. This lack of compliance made it an attractive tool for cybercriminals, including those behind Bybit’s $1.5 billion hack in February 2025, and the $243 million Genesis creditor theft.
Notably, blockchain investigator ZachXBT revealed that eXch was also linked to laundering operations involving Multisig, FixedFloat, and several phishing scams. According to his findings, the platform routinely refused to freeze suspect wallets or cooperate with investigations.
Broader implications
The crackdown highlights Germany’s escalating efforts to combat illicit crypto finance. With law enforcement targeting platforms that bypass regulatory frameworks, this case sets a precedent for international cooperation in seizing assets and dismantling rogue services. The fate of eXch’s operators remains unclear, but further legal action is expected as investigations continue.
We also reported earlier that G7 leaders eye response to North Korean cyberattacks.
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