Take-Down of Infamous Crypto Exchange "eXch": Suspected Money Laundering and Stealing From Bybit Hack
Officials dismantle cryptocurrency service provider - Law enforcement dismantled cryptocurrency service
Dive into the sordid tale of the shutdown of the shady crypto exchange platform "eXch," suspected of involving itself in money laundering and laundering ill-gotten gains from the Bybit hack.
eXch: A Criminal Haven
launched in 2014, eXch was a convenient place forUsers could exchange various cryptocurrencies without needing to verify their identities or store any data. Advertised as a haven for concealing finances, the platform ran on both the clearnet and the dark web.[1][2]
Tied to Bybit Hack
For months, suspicion swirled around eXch, with authorities eyeing it as a conduit for laundering sizable amounts of cryptocurrency, including funds stolen in the $1.4 billion Bybit hack of February 2025.[1][5] Investigations indicated that a portion of the ill-gotten proceeds from the Bybit hack were channeled through eXch, along with other potentially criminal funds.[1][2]
Seizure and Shutdown
German law enforcement, in cahoots with the Federal Criminal Police Office (BKA) and Frankfurt's public prosecutor's office, swooped in on April 30, 2025, to take down eXch. They seized an approximate €38 million in cryptocurrency (about $34 million) and more than 8 terabytes of data.[2][4] Crypto assets seized included Bitcoin, Ether, Litecoin, and Dash.[1][2] The seizure marked the third-largest crypto asset haul in BKA's history.[1][5]
Legal Tangle and Future Implications
The operators of eXch stand accused of commercial money laundering and running a criminal trading platform online.[5] Despite plans to close the platform on May 1, the authorities acted swiftly, securing crucial evidence ahead of schedule.[5] The seized data and cryptocurrency are expected to aid in untangling numerous other criminal cases.[5]
International Collaboration
This case points to the international scope of investigations, with Dutch authorities joining the fray.[5] Stay tuned for updates on this intriguing and murky tale of cybercrime and law enforcement.
References:
[1] (Source 1)[2] (Source 2)[3] (Source 3)[4] (Source 4)[5] (Source 5)
- The shutdown of the crypto exchange platform "eXch" was allegedly a hub for money laundering and the laundering of funds from the Bybit hack, as indicated by investments and investigations.
- The seizure of eXch in April 2025 by German law enforcement, in collaboration with the Federal Criminal Police Office (BKA) and Frankfurt's public prosecutor's office, resulted in the confiscation of around €38 million in cryptocurrency and more than 8 terabytes of data.
- The operators of eXch are being charged with commercial money laundering and running a criminal trading platform online.
- International cooperation was critical in the investigation of eXch, as evidenced by the participation of Dutch authorities.
