Germany seizes $38M in crypto from Bybit hack-linked eXch exchange
German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a platform allegedly used for laundering funds from Bybit’s $1.4 billion hack. The seizure, announced by Germany’s Federal Criminal Police Office (BKA), included multiple crypto assets like Bitcoin, Ether, Litecoin, and Dash, marking the BKA's third-largest crypto confiscation. eXch operated since 2014 without implementing Anti-Money Laundering (AML) measures and facilitated approximately $1.9 billion in crypto transfers, some linked to criminal activities. eXch was also implicated in laundering funds from other thefts, including Multisig and FixedFloat. Following initial denials, eXch announced it would cease operations by May 1. Authorities emphasized the need to combat money laundering opportunities in the crypto space, highlighting the role of crypto swapping in concealing illicit funds.
