German authorities have seized $38 million in cryptocurrency from the exchange eXch.
eXch’s crypto swapping service began in 2014, enabling anonymous exchanges of digital assets. It operated without anti-money laundering protocols or customer identity verification measures. Since its inception, approximately $1.9 billion in cryptocurrency has passed through eXch, a portion of which originated from criminal activities.
German prosecutors stated that eXch openly promoted its lack of anti-money laundering safeguards on platforms associated with the “criminal underground economy.” Part of the $1.4 billion in cryptocurrency stolen from Bybit—allegedly linked to the North Korean hacker group Lazarus—was laundered through this exchange.$BTC