German legislation enforcement has shut down the crypto alternate eXch and seized digital property valued at over $38 million, in accordance with a Could 9 assertion.
In a joint operation, the Frankfurt Essential Public Prosecutor’s Workplace and the Federal Legal Police Workplace (BKA) confirmed that the seizure occurred on April 30, 2025. The transfer adopted an in depth investigation into the platform’s failure to adjust to anti-money laundering (AML) obligations.
The officers stated eXch operated with out gathering consumer knowledge or verifying identities, permitting nameless and untraceable transactions.
In line with the assertion, Bitcoin, Ethereum, Litecoin, and Sprint have been among the many digital property confiscated from the platform. The authorities additionally took management of the alternate’s native server infrastructure and terminated its providers.
The German officers estimated that eXch facilitated the motion of almost $1.9 billion since its launch, with robust indications {that a} portion of those funds got here from prison sources. That features suspected ties to the notorious $1.5 billion Bybit theft.
The prosecutors are actually accusing the platform’s operators of working an unlawful on-line buying and selling service and interesting in industrial cash laundering.
Dr. Benjamin Krause, Chief Public Prosecutor on the Central Workplace for Combating Cybercrime (ZIT), famous that crypto-swapping providers like eXch are routinely exploited to cover income from cyberattacks and stolen cost knowledge.
Contemplating this, he stated:
“It’s due to this fact all of the extra essential that legislation enforcement businesses constantly take motion in opposition to such fast and nameless alternatives for cash laundering of any quantity and deprive perpetrators of the proceeds of the crime.”
Is eXch down?
Though eXch introduced its closure on Could 1, claiming it was underneath worldwide stress, German investigators stated they used the timing to safe proof and advance their probe.
Nonetheless, blockchain analytics agency TRM Labs lately reported that eXch continued working in elements regardless of the claimed shutdown.
The agency stated API entry remained energetic for companions, and on-chain exercise revealed suspicious actions. Notably, over $300,000 in funds linked to little one sexual abuse materials (CSAM) reportedly handed via the platform’s infrastructure.
It added:
“It’s unclear whether or not eXch will utterly shut down its remaining API operations or resume operations as a brand new service. Nonetheless, the remaining API entry continues to offer anonymization infrastructure for menace actors.”