German authorities just dealt a massive blow to crypto crime, seizing $38 million in digital assets from eXch, a shady platform tied to the $1.4 billion Bybit hack. The Federal Criminal Police Office nabbed Bitcoin, Ethereum, and other cryptocurrencies, along with eight terabytes of server data. eXch, operating since 2014, had moved $1.9 billion in transactions before attempting to shut down in May 2025. The platform’s connections to North Korea’s Lazarus Group only add to this twisted tale of digital deception.
German authorities swooped in to seize $38 million in cryptocurrency from eXch, a shadowy platform linked to one of crypto’s biggest heists. The Federal Criminal Police Office (BKA) and Frankfurt prosecutors didn’t mess around, grabbing Bitcoin, Ethereum, Litecoin, and Dash in what became their third-largest crypto confiscation ever. They also snagged eight terabytes of server data – that’s a lot of digital dirt.
German cops crashed eXch’s party, snatching $38M in crypto and mountains of data from the shady mixing service.
The timing couldn’t have been more dramatic. The platform brazenly operated since 2014, providing cryptocurrency swapping services to anyone who wanted them. When Bybit requested eXch to freeze stolen funds, they flat-out refused. Just as eXch was trying to quietly shut its doors on May 1, 2025, citing “law enforcement pressure,” German authorities kicked them down instead. Like Operation Crypto Runner, this bust showcases the growing effectiveness of law enforcement in tracking digital crimes. Funny how these platforms always seem to discover their conscience right before the cops show up.
This wasn’t just about some small-time crypto swapping. eXch had been playing in the big leagues, allegedly helping launder part of the massive $1.4 billion Bybit hack from February 2025. Since 2014, they’d moved around $1.9 billion in crypto, and not all of it was birthday money from grandma. The platform’s connection to North Korea’s notorious Lazarus Group makes this more than just another crypto crime story.
What made eXch special? Simple: zero questions asked. No identity checks, no AML compliance, just pure cryptocurrency “privacy.” They wrapped themselves in the flag of financial sovereignty while apparently helping criminals wash their digital cash. Classic crypto mixer playbook, really – just like Tornado Cash, but with better marketing.
The platform’s final message to users was rich – disclaiming responsibility while preaching about privacy rights. Meanwhile, German authorities were busy gathering evidence that could expose years of illicit transactions.
This shutdown is part of a larger crackdown on crypto laundering operations, with law enforcement agencies working across borders to catch the bad actors. Turns out you can’t just run a criminal enterprise and call it “financial freedom.” Who knew?
