TechFlow reports that on May 9, the German Federal Criminal Police Office (BKA) and the Frankfurt General Public Prosecutor's Office successfully shut down the cryptocurrency exchange platform "eXch" on April 30, seizing cryptocurrency assets including Bitcoin valued at approximately 34 million euros—the third-largest seizure of crypto assets in BKA history.
The platform had been operating since 2014, specializing in anonymous cryptocurrency exchange services and processing around $1.9 billion in transactions. Investigations indicate the platform was allegedly used as a money laundering channel for criminal funds, including facilitating fund transfers linked to the February theft of $1.5 billion from the Bybit exchange.
The platform operators are currently under investigation on suspicion of operating a criminal trading platform and money laundering. German authorities stated the operation will aid in solving further cybercrime cases.
