365Crypto
Germany has just made one of its biggest crypto busts ever.
Police took €34 million ($38 million) in crypto from a shady crypto platform called eXch. Authorities say this site was used to clean money stolen in the massive Bybit hack earlier this year, where $1.4 billion vanished.
The crypto stash included Bitcoin, Ethereum, Litecoin, and Dash. German authorities also shut down eXch’s servers and grabbed 8 terabytes of data.
No Anti-Money Laundering Rules? Bad Idea
The platform had been running since 2014. It let people swap crypto freely—no ID checks, no questions asked. Basically, it ignored anti-money laundering (AML) rules. That made it a magnet for dirty money.
Investigators believe eXch processed about $1.9 billion in crypto over the years. Some of that was linked to stolen assets, especially from the Bybit hack on February 21, 2025.
A multisig wallet is a crypto wallet that needs more than one private key to approve a transaction.
ZachXBT Sounds the Alarm
Blockchain detective ZachXBT was one of the first to link eXch to the Bybit hack. He said $35 million of stolen crypto flowed through the platform.
He also connected eXch to other shady dealings—like stolen funds from Multisig, FixedFloat, and even a $243 million theft from Genesis creditors. Oh, and phishing scams too.
Platform Tries to Say Goodbye Quietly
At first, eXch denied everything. But by mid-April, they posted a message saying they would shut down on May 1. They blamed “hostile environments” and said people misunderstood their purpose.
Senior prosecutor Benjamin Krause didn’t buy it. He said fast, anonymous crypto swaps were a big part of the underground economy and needed to be stopped.
