The Record, a news site by cybersecurity firm Recorded Future, reports that German authorities have seized cryptocurrency assets and server infrastructure belonging to eXch, a digital currency platform allegedly involved in laundering funds from a February 2024 hack of Bybit valued at $1.46 billion.
The operation was conducted by the Federal Criminal Police Office and Frankfurts cybercrime prosecutors on April 30, following the platforms announcement that it would shut down by May 1 due to anticipated law enforcement action. Authorities confiscated more than $38 million in digital assets, over 8 terabytes of data, and servers located in Germany. Investigators acted quickly after eXch declared plans to cease operations, enabling the securement of substantial evidence. eXch, which promotes itself as a privacy-centric exchange, has long drawn criticism from researchers and law enforcement for facilitating anonymous transactions, making it susceptible to illicit use. Blockchain analytics firm Elliptic linked more than $200 million in stolen Bybit funds to eXch, despite the platforms denial of significant involvement. German investigators believe roughly $1.9 billion in cryptocurrency has passed through the platform since its 2014 launch.
The operation was conducted by the Federal Criminal Police Office and Frankfurts cybercrime prosecutors on April 30, following the platforms announcement that it would shut down by May 1 due to anticipated law enforcement action. Authorities confiscated more than $38 million in digital assets, over 8 terabytes of data, and servers located in Germany. Investigators acted quickly after eXch declared plans to cease operations, enabling the securement of substantial evidence. eXch, which promotes itself as a privacy-centric exchange, has long drawn criticism from researchers and law enforcement for facilitating anonymous transactions, making it susceptible to illicit use. Blockchain analytics firm Elliptic linked more than $200 million in stolen Bybit funds to eXch, despite the platforms denial of significant involvement. German investigators believe roughly $1.9 billion in cryptocurrency has passed through the platform since its 2014 launch.
