German Authorities Seize $38 Million in Cryptocurrency from eXch Exchange
Cryptocurrency exchange eXch has been implicated in laundering funds from the $1.4 billion Bybit hack. German authorities seized €34 million ($38 million) in cryptocurrency from eXch, which operated from 2014 and was accessible on both the clearnet and darknet.
- Authorities stated that eXch lacked adequate anti-money laundering measures.
- The platform ceased operations in Germany on May 1, 2025.
- eXch facilitated crypto asset transfers totaling approximately $1.9 billion during its operation.
- It did not require user identity verification, allowing for anonymous transactions.
Bybit Hack
In February, Bybit experienced a cyberattack resulting in the theft of $1.46 billion worth of Ether by the Lazarus Group. The hack involved a "masked" transaction technique to deceive Bybit’s security.
- Bybit's CEO confirmed only one cold wallet was compromised.
- A significant portion of the stolen assets has been moved through mixers to obscure their origin.
4.21.25 Executive Summary on Hacked Funds:
Total hacked funds of USD 1.4bn around 500k ETH. 68.57% remain traceable, 27.59% have gone dark, 3.84% have been frozen. The untraceable funds primarily flowed into mixers then through bridges to P2P and OTC platforms.
Recently, we have…— Ben Zhou (@benbybit) April 21, 2025