Germany Shuts Down eXch Over $1.9B Laundering, Seizes €34M in Crypto and 8TB of Data

Germany Shuts Down eXch Crypto Exchange

Germany’s Federal Criminal Police Office (Bundeskriminalamt, or BKA) has dismantled the infrastructure of the eXch cryptocurrency exchange, seizing assets and data tied to a massive money laundering operation.

€34M in Crypto and 8TB of Data Seized

On April 30, 2025, authorities seized €34 million ($38.25 million) worth of crypto assets, including Bitcoin, Ethereum, Litecoin, and Dash, along with 8 terabytes of data from the platform’s servers. The exchange, operational since 2014, facilitated anonymous crypto swaps and was accessible on both the clearnet and dark web.

No AML, No KYC

The BKA revealed that eXch[.]cx advertised itself on underground forums as a service that did not implement anti-money laundering (AML) or know-your-customer (KYC) procedures, making it ideal for concealing financial flows. Users were not required to provide identification, and no data was stored.

Used by Criminal Networks

The platform is suspected to have facilitated the laundering of up to $1.9 billion worth of cryptocurrency, some of which is tied to North Korean threat actors and the earlier Bybit hack. The platform’s takedown came shortly after eXch publicly announced its intention to cease operations on April 17, citing an imminent international crackdown.

“The goals we certainly never had in mind were to enable illicit activities such as money laundering or terrorism,” said eXch in a forum post. “We have absolutely no motivation to operate a project where we are viewed as criminals.”

Ongoing International Investigation

Dutch authorities, including the Fiscal Information and Investigation Service (FIOD), confirmed they are actively pursuing individuals tied to illegal financial activity through the exchange. They emphasized the action was not about targeting privacy but cracking down on criminal misuse of anonymous platforms.

“Privacy is not the problem — criminal misuse is,” FIOD stated. “When services are heavily abused to commit crime, we will act.”

Photo Credit: police.webp