German Authorities Seize $38 Million from eXch Amid Bybit Theft, AML Violations

German authorities have shut down the crypto platform eXch, seizing assets worth approximately $38 million in cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Dash. The seizure occurred on April 30, 2025, following an investigation into the platform's failure to comply with anti-money laundering (AML) obligations.

The Frankfurt Public Prosecutor's Office and the Federal Criminal Police Office (BKA) conducted the operation, confiscating not only the digital assets but also over 8 terabytes of data and the platform's server infrastructure. eXch is suspected of facilitating the laundering of nearly $1.9 billion since its inception, with funds allegedly linked to major cybercrimes including the Bybit theft, Genesis creditor theft, and phishing operations.

The platform, operational since 2014, allowed users to exchange cryptocurrencies anonymously without collecting user data or verifying identities. It was accessible both on the regular internet and darknet forums, where it marketed itself as a crypto-mixing service. These practices led to allegations of money laundering and operating an illegal online trading service.

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