German authorities have shut down the cryptocurrency exchange eXch, which was involved in money laundering and supporting criminal operations, including allegations of facilitating stolen funds and illicit transactions. The seizure included the platform’s servers and approximately €34 million in digital assets.
Affected: eXch, German authorities, Dutch Fiscal Information and Investigation Service (FIOD), victims of associated criminal activities.
Affected: eXch, German authorities, Dutch Fiscal Information and Investigation Service (FIOD), victims of associated criminal activities.
Keypoints
- eXch, a cryptocurrency exchange established in 2014, was shut down by German authorities for suspected involvement in money laundering and supporting criminal activities.
- The platform operated on both the surface and dark web, did not require user identification, and stored no user data, enabling concealment of fraudulent transactions.
- The exchange was allegedly used to facilitate the laundering of approximately $1.5 billion worth of stolen Ethereum from the Bybit hack linked to North Korean group Lazarus.
- German authorities seized servers and approximately €34 million in cryptocurrencies following the operation on April 30, and announced the shutdown prior to the takedown.
- The platform’s operators claimed innocence, stating they never intended to enable illicit activities, and expected the shutdown was related to law enforcement investigation.
- The investigation was assisted by the Dutch Fiscal Information and Investigation Service (FIOD), which is examining users involved in illicit activities on eXch.
- The case highlights ongoing international efforts to combat crypto-facilitated money laundering and cybercrime involving North Korean hackers and stolen funds.
Read More: https://www.securityweek.com/german-authorities-take-down-crypto-swapping-service-exch/