German authorities have seized the infrastructure of the cryptocurrency platform eXch, confiscating over $30 million in digital assets. The crackdown was linked to its suspected role in laundering stolen funds from the February hack of Bybit, totaling approximately $1.9 billion transferred since 2014. (Affected: eXch platform and related cryptocurrency systems)
Keypoints :
- German police seized eXch’s server infrastructure, data, and crypto assets worth about $38.2 million on April 30.
- The platform was shut down shortly before announcing its closure on May 1 amid allegations of involvement in money laundering and terrorism.
- eXch is known for maintaining user privacy and anonymity, making it a preferred channel for money laundering activities.
- Following the Bybit hack, eXch refused to freeze the stolen funds despite requests from the victims.
- Investigations suggest over $200 million of stolen cryptocurrency moved through eXch after North Korea’s Lazarus Group breached Bybit.
- Since its launch in 2014, eXch has facilitated transfers totaling approximately $1.9 billion across both the clearnet and darknet.
- Authorities believe the operation’s findings will aid investigations into other cybercrimes.
Read More: https://therecord.media/exch-cryptocurrency-mixer-germany-takedown
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