Germany has dealt a severe blow to the dark side of crypto, shutting down the notorious eXch crypto swapping service. Authorities, including the Frankfurt Public Prosecutor’s Office (ZIT) and the Federal Criminal Police Office (BKA), seized €34 million in digital assets and eight terabytes of data, marking the country’s third-largest crypto seizure.
Operating since 2014, eXch was allegedly a central node in global cybercrime. On-chain sleuth ZachXBT exposed its ties to high-profile crypto hacks, including the Bybit multi-signature exploit and the $243 million Genesis Creditor heist. The platform’s refusal to freeze stolen assets or cooperate with authorities made it a haven for cybercriminals.
eXch operated with no oversight, no KYC, and full anonymity, making it a hotspot for illicit activity. It was mainly advertised on the darknet and allowed users to convert stolen or scammed coins into legitimate assets. Before the takedown, investigators estimated $1.9 billion had flowed through the platform. Though eXch announced a voluntary shutdown on May 1, law enforcement moved swiftly, coordinating with Dutch authorities to secure evidence.
This operation signals a new phase in international crypto enforcement. German authorities emphasized that cybercrime has become an industrial operation, and they are now targeting criminals before they act. With eXch’s takedown, enforcement agencies across borders are showing that the blockchain leaves a trace—and so does justice.
This case sets a precedent for proactive, data-driven action against crypto laundering, sending a strong message to those using digital currencies for illicit purposes.
eXch was a darknet crypto swap service tied to major hacks; Germany shut it down for enabling large-scale crypto laundering.
The U.S. Treasury and G7 nations are focusing on strengthening crypto regulations and cybersecurity to combat increasing crypto hacks and ransomware attacks.
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