In the latest development, Germany shuts down eXch, a crypto platform allegedly related to Bybit’s $1.4 billion hack. The Frankfurt am Main Public Prosecutor’s Office – Central Office for Combating Internet Crime (ZIT) – and the Federal Criminal Police Office (BKA) announced the crackdown today, seizing €34 million ($38 million) in crypto.
Notably, the seized assets include Bitcoin, Ether, Litecoin, and Dash. The authorities also seized eXch’s German server infrastructure, confiscating over eight terabytes of data, and subsequently shut down the platform.
Germany Seizes $38M in Crypto from Bybit Hack-Linked eXch
According to the latest report, German authorities have seized a whopping $38 million in Bitcoin, Ether, Litecoin, and Dash, marking the third-largest seizure in the country’s history. In addition to the cryptocurrency assets, the ZIT and BAK seized eXch’s German server infrastructure, which contained over eight terabytes of data.
Carsten Meywirth, BKA Director cited,
Once again, we have secured a record-breaking sum of millions in incriminated cryptocurrencies and shut down a digital money laundering platform. The scale of the case impressively demonstrates that cybercrimes are being committed on an industrial scale. We will continue to increase the risk of loss for the underground economy with all the means at our disposal. Our goal remains to hold those responsible accountable
Interestingly, the BKA addressed eXch as a “swapping” service that enabled users to exchange crypto without complying with Anti-Money Laundering (AML) rules. Operating since 2014, the platform has processed around $1.9 billion in crypto transactions, some of which involved illicit funds tied to the Bybit hack. Germany’s official statement read, “Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch.”
Meanwhile, crypto sleuth ZachXBT revealed eXch’s alleged involvement in millions of crypto fraud funds. The investigator exposed details of the platform’s involvement in crypto thefts that affected Multisig, FixedFloat, and the $243 million Genesis creditor hack. In addition, the platform has also facilitated numerous phishing scams, consistently refusing to block suspicious addresses or comply with freeze orders.
Germany’s intensified oversight of crypto platforms continues with this development, following recent actions that led to Ethena halting operations in the country. The need for stricter regulations is underscored by recent incidents, such as the massive hack of the LockBit ransomware gang, which exposed sensitive data on 60,000 Bitcoin addresses.
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