German authorities have seized €34 million ($38.2 million) in cryptocurrency assets from eXch, a now-defunct crypto swapping platform accused of facilitating anonymous, illicit transactions.
The operation was announced Friday by the Frankfurt Prosecutor General’s Office.
The seizure, which took place on April 30, included Bitcoin, Ether, Litecoin, Dash, and the confiscation of over 8 terabytes of data and server infrastructure located in Germany.
No AML or KYC: Platform Linked to Underground Economy
Founded in 2014, eXch enabled anonymous crypto swaps by operating without standard anti-money laundering (AML) or know-your-customer (KYC) protocols. According to prosecutors, the platform openly marketed its lack of compliance on websites frequented by participants in the “criminal underground economy.”
Authorities estimate that eXch processed nearly $1.9 billion in crypto transactions over its lifetime—much of it suspected to be linked to criminal activity.
Links to Major Crypto Thefts
The prosecutor’s statement also noted that a portion of the $1.4 billion stolen from Bybit, the popular crypto exchange, may have been laundered through eXch, though the investigation remains ongoing.
This operation marks one of Germany’s largest crypto-related seizures to date, underscoring the growing efforts by law enforcement to crack down on unregulated platforms involved in money laundering and cybercrime.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/germany-seizes-38m-in-crypto-from-shuttered-platform-exch/