As a result of an operation in Germany, cryptocurrency assets worth $38 million were seized. The operation, carried out in cooperation with the Federal Criminal Police Office (BKA) and the Frankfurt Public Prosecutor’s Office, has been recorded as the third-largest cryptocurrency intervention in Germany’s history.
This development highlights not only the fight against illegal digital asset movements but also the need for stronger regulation within the crypto ecosystem. Authorities emphasized that crypto exchanges and trading platforms must be subject to tighter supervision, stressing that this operation is only the beginning. Broader steps are expected across Europe to prevent the use of cryptocurrencies for illegal transactions.
Details of the Operation Against the eXch Platform
In the operation conducted by Germany’s Federal Criminal Police Office (BKA) and the Frankfurt Public Prosecutor’s Office, the server infrastructure of the cryptocurrency exchange platform eXch was seized and the system was taken offline. More than eight terabytes of data were found on the seized servers, and a comprehensive analysis of the transactions carried out through the platform has been launched.
As part of the operation, popular crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash (DASH) were transferred to secure wallets, while investigations were expanded to include the platform’s user network. The shutdown of eXch is considered a significant milestone in Germany’s fight against illegal financial activities.
eXch’s Money Laundering Activities and Connection to the Bybit Hack
eXch, which had been in operation for years, allowed users to exchange cryptocurrencies anonymously. However, this freedom turned into a system that facilitated illegal activities. The platform’s lack of any anti-money laundering policies made it impossible to trace illicit funds.
Authorities determined that since 2014, approximately $1.9 billion in transfers had been processed through eXch, a significant portion of which originated from illegal funds. Notably, part of the funds stolen during the Bybit hack in February 2025 were funneled through this platform to obscure their traces.
Other Cyberattacks and eXch’s Role
Independent researchers in the field of crypto security revealed that eXch was not limited to the Bybit hack but was part of a much broader illegal network. It was found to have direct ties to large-scale cyberattacks against crypto projects such as Multisig, FixedFloat, and Genesis.
Furthermore, the platform was found to have facilitated fraudulent schemes, phishing, and other illegal activities, while lacking any blocking or reporting mechanisms. Despite user complaints, no action was taken against suspicious addresses, proving that criminal elements were deliberately tolerated.
Initially, eXch denied any involvement in the Bybit hack but later, under increasing pressure, announced that it would cease operations. On May 1, the platform declared that it had completely shut down, citing the “hostile environment” that made survival increasingly difficult.
The Frankfurt Public Prosecutor’s Office emphasized that crypto platforms play a central role in the circulation of illicit funds and stressed the need for much stricter oversight of such systems. Germany aims for this operation to serve as a deterrent example for similar platforms.
