German Authorities Seize €34M in Crypto, Shut Down eXch Platform

German police seize €34M crypto, shut down eXch platform.eXch linked to laundering $1.4B from Bybit hack.Platform lacked AML checks, aiding crypto crime networks.In a major crackdown on cybercrime, German authorities have seized €34 million worth of cryptocurrency. The move targeted eXch, a digital platform suspected of helping criminals hide stolen money. This seizure, which they announced on May 9, was conducted by the Federal Criminal Police Office (BKA) and the public prosecutor’s office in Frankfurt.eXch Accused of Laundering Bybit Hack FundsThe confiscated funds also involved famous virtual currencies like Bitcoin, Ether, Litecoin, and Dash. Interestingly, it is the third most significant crypto confiscation in the history of the BKA. Other than the digital funds, law enforcement also closed eXch’s servers in Germany. These servers contained more than eight terabytes of data.eXch was launched in 2014. If that is the case, then it has been running in both the open and dark web since then. It was primarily used to exchange one form of cryptocurrency for another. However, it received attention in criminal circles because it lacked anti-money laundering checks. Identifying himself did not register with the users, and the platform did not store any personal information. For this reason, it is easy to conceal the sources of their digital money.In years, some €1.9 billion worth of cryptocurrency had transited through the platform. Officials think that a good deal of this money came from illegal sources. Specifically, they believe that the loot from the Bybit hack in February 2025 was laundered through eXch.The owners of eXch are now being investigated. They are suspected of commercial money laundering and operating a criminal platform. Interestingly, on May 1, the platform’s operators announced that they would close the operations. But German police moved fast. They were able to gather key evidence and obtain access to eXch’s data and digital money even with little notice.eXch Shutdown Marks Major Blow to Crypto Laundering NetworksThe investigation was not carried out on its own. German officials cooperated closely with Dutch investigators from the Tax Investigation Department (FIOD). This cooperation is expected to be useful in solving other cybercrimes too.Carsten Meywirth, who heads the Cybercrime Division at the BKA, emphasized the importance of this action. He said that while tearing down eXch and seizing millions of illegal funds it’s a powerful message. It reveals authorities take a serious stand to eliminate large-scale cybercrime. He also commented that digital crime grows fast and has to be resisted with equal force.Similarly, Dr. Benjamin Krause, Chief Public Prosecutor, ZIT, explained the role of such platforms as eXch. He said crypto swapping makes it an easier game for criminals to conceal illegal proceeds, such as when hacking and as a result of data theft. This, therefore, means that by closing the platforms, you are helping choke the flow of dirty money.Finally, this seizure and shutdown signal another strong move in the war of digital money laundering. Through collaboration between nations as well as efforts by the law enforcement, authorities are trying to halt cybercriminals from using cryptocurrency as secure place for illegal wealth.The post German Authorities Seize €34M in Crypto, Shut Down eXch Platform appeared first on Live Bitcoin News.