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German Police Shut Down Crypto Platform eXch Linked to Bybit Hacks

Key Takeaways

  • ​German police shut down eXch and seized $38 million in crypto linked to major hacks, including Bybit’s $1.4 billion theft;
  • The exchange, active since 2014, moved nearly €1.8 billion with no anti-money laundering checks in place;
  • Investigator ZachXBT said eXch ignored warnings and let scammers move stolen funds without restrictions.

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German Police Shut Down Crypto Platform eXch Linked to Bybit Hacks

German authorities have taken down a cryptocurrency exchange suspected of helping criminals move stolen funds from several major hacks, including the $1.4 billion theft from Bybit.

The operation resulted in the seizure of around €34 million (around $38 million) worth of digital assets, according to a joint statement from Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s public prosecutor on May 9.

The seized platform, eXch, was used to swap different cryptocurrencies and reportedly had no checks to stop money laundering. Investigators said the service had been active since 2014 and handled nearly €1.8 billion in transactions.

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Along with the cryptocurrency, police also confiscated servers located in Germany. These servers contained over eight terabytes of data, which will now be reviewed in the ongoing investigation. The platform has been fully shut down.

The authorities noted:

Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch.

Independent blockchain investigator ZachXBT noted in a Telegram message that eXch had a long history of being used to move stolen funds. They said the platform had ignored warnings and continued to allow suspicious activity by not freezing addresses or blocking known scams.

On May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced plans to block Cambodia's Huione Group from accessing the US banking system. Why? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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