- Germany seizes €34M in crypto after shutting down darknet-linked swap platform eXch
- eXch processed $1.9B in crypto flows and is tied to Bybit hack and Genesis asset theft
- German and Dutch police now investigate eXch’s links to broader crypto cybercrime networks
German law enforcement shut down the crypto swapping service eXch on April 30, seizing €34 million in assets and eight terabytes of data. According to the press release, the move followed suspicions of commercial money laundering and darknet operations. Authorities believe the service helped conceal large-scale illicit financial flows.
The Frankfurt am Main Public Prosecutor’s Office, the Federal Criminal Police Office (BKA), and the Central Office for Combating Internet Crime (ZIT) spearheaded the operation.
Related: FBI: North Korea’s “TraderTraitor” Gang Behind $1.5B Bybit Hack
Authorities confiscated Bitcoin, Ethereum, Litecoin, and Dash, with an estimated combined value of €34 million. The seizure of over eight terabytes of platform data marks the third-largest crypto asset confiscation in BKA history.
eXch: A Hub for Anonymous Crypto Swaps Since 2014
Launched in 2014, eXch allowed users to exchange cryptocurrencies without identity verification. The platform operated on both the clearnet and darknet and advertised in underground forums.
It did not require user registration or follow anti-money laundering rules. As a result, the service became a tool for hiding financial transactions, according to investigators.
Platform Linked to Bybit Hack, $1.9 Billion Illicit Flows
Authorities believe that eXch facilitated the movement of funds tied to criminal activity. Since its launch, an estimated $1.9 billion in crypto has flowed through the platform.
Crypto sleuth ZachXBT suspects that part of the $1.5 billion stolen from the Bybit exchange in February 2025 was swapped through eXch. The $243 million stolen in the Genesis Creditor incident is also linked to the platform.
Authorities also criticized the platform’s refusal to freeze stolen assets or assist law enforcement, calling it a haven for criminals. Investigators are now examining possible connections to other cybercrimes.
Authorities Preempt Planned Shutdown, Probe Wider Cybercrime Links
Although the team announced a planned shutdown on May 1, authorities acted early. They moved quickly to secure evidence, crypto wallets, and database files.
Notably, German officials collaborated with the Dutch Tax Investigation Department (FIOD) during the seizure. Authorities say the data may help uncover other illegal operations tied to eXch.
Related: After Bybit Hack, European Regulators Now Question if OKX Was Involved
Meanwhile, investigators are reviewing the information for leads on wider cybercrime networks. Based on the evidence gathered, more legal action may follow.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
