Instructor/Training Specialist

In brief German prosecutors have announced the seizure of $37.4M (€34M) in cryptocurrency and hardware from eXch.The exchange allegedly facilitated money laundering from the Bybit hack and other significant thefts.On-chain investigators have accused eXch of processing "tens of millions of dollars" in stolen assets.Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENEGerman authorities have seized servers and cryptocurrency valued at $37.4 million (€34 million) from eXch, a crypto exchange that prosecutors say operated without proper licenses and facilitated money laundering for North Korean threat actors linked to the Bybit hack in February.Germany's Federal Criminal Police Office, the Bundeskriminalamt (BKA) issued a statement on Friday alleging the platform processed transactions without implementing proper anti-money laundering controls, making it an attractive option for criminals seeking to obscure stolen funds."Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities," Dr. Benjamin Krause, chief public prosecutor at the German Central Office for Combating Cybercrime (ZIT), said in a translation of the statement.Those activities include "hacking or trading in stolen payment card data," and makes them "available to perpetrators," Krause explained.The confiscated items include crypto holdings, server hardware, and other types of digital infrastructure. The defunct exchange's services were "accessible on both the clearnet and the darknet," and were advertised on "platforms of the criminal underground economy," authorities noted.These developments come as Germany is slated to participate in the G7 summit, where North Korea's crypto hacks would reportedly be discussed.The exchange announced its closure last month after connections to multiple crypto thefts were revealed. However, blockchain analytics firm TRM Labs claimed it continued to operate.Lazarus linksThe now-defunct crypto exchange was used "to launder hundreds of millions from the Bybit hack, Multisig hack, FixedFloat exploit, $243M Genesis Creditor theft," pseudonymous blockchain investigator ZachXBT reported in Investigations, their Telegram channel.eXch was also involved in "countless phishing drainer services over the past few years with refusal to block addresses and freeze orders," ZachXBT claimed.In February, eXch faced mounting scrutiny after blockchain analytics firm Elliptic linked it to North Korea's notorious Lazarus Group and their involvement in the Bybit hack that resulted in over $1.4 billion in stolen funds.Elliptic and others, including ZachXBT, alleged eXch of processing "tens of millions of dollars" in stolen assets from the hack despite Bybit's requests to block it.A purported email response from eXch, archived on X and cited by Elliptic, claims the exchange chose not to acknowledge Bybit's requests.5000 ETH stolen in Bybit hack is reportedly being laundered through eXch (a centralized mixer) and converted to Bitcoin via Chainflip. In response, Bybit requested eXch to block the funds and track their movement

German law enforcement has shut down the crypto exchange eXch and seized digital assets valued at over $38 million, according to a May 9 statement.In a joint operation, the Frankfurt Main Public Prosecutor’s Office and the Federal Criminal Police Office (BKA) confirmed that the seizure occurred on April 30, 2025. The move followed a detailed investigation into the platform’s failure to comply with anti-money laundering (AML) obligations.The officials said eXch operated without collecting user data or verifying identities, allowing anonymous and untraceable transactions.According to the statement, Bitcoin, Ethereum, Litecoin, and Dash were among the digital assets confiscated from the platform. The authorities also took control of the exchange’s local server infrastructure and terminated its services.The German officials estimated that eXch facilitated the movement of nearly $1.9 billion since its launch, with strong indications that a portion of these funds came from criminal sources. That includes suspected ties to the infamous $1.5 billion Bybit theft.The prosecutors are now accusing the platform’s operators of running an illegal online trading service and engaging in commercial money laundering.Dr. Benjamin Krause, Chief Public Prosecutor at the Central Office for Combating Cybercrime (ZIT), noted that crypto-swapping services like eXch are routinely exploited to hide profits from cyberattacks and stolen payment data.Considering this, he said:“It is therefore all the more important that law enforcement agencies consistently take action against such quick and anonymous opportunities for money laundering of any amount and deprive perpetrators of the proceeds of the crime.”Is eXch down?Although eXch announced its closure on May 1, claiming it was under international pressure, German investigators said they used the timing to secure evidence and advance their probe.However, blockchain analytics firm TRM Labs recently reported that eXch continued operating in parts despite the claimed shutdown.The firm said API access remained active for partners, and on-chain activity revealed suspicious movements. Notably, over $300,000 in funds linked to child sexual abuse material (CSAM) reportedly passed through the platform’s infrastructure.It added:“It’s unclear whether eXch will completely shut down its remaining API operations or resume operations as a new service

In brief. Blockchain intelligence firms TRM Labs and Chainalysis have identified Russian crypto exchange Grinex as a rebrand of sanctioned exchange Garantex. Evidence suggests Garantex anticipated its shutdown by creating the A7A5 ruble-pegged stablecoin in December 2024 and transferring assets to Grinex