German authorities seized €34 million in cryptocurrency and shut down the crypto swapping service Exch linked to money laundering, including funds stolen in the 2025 Bybit hack.
Crypto Swapping Service Exch Closed; €34M Seized in Third-Largest BKA Crypto Bust
The Public Prosecutor General’s Office in Frankfurt and Germany’s Federal Criminal Police Office (BKA) confiscated Exch’s servers on April 30, 2025, marking the third-largest cryptocurrency seizure in BKA history. The platform, accessible via Exch.cx, held bitcoin, ether, litecoin, and dash worth €34 million (converted at current rates), alongside over eight terabytes of data.
Launched in 2014, prosecutors said Exch allowed users to anonymously swap cryptocurrencies without anti-money laundering (AML) checks, and reportedly advertising on darknet forums. Authorities estimate $1.9 billion in crypto flowed through the service, including portions of the $1.5 billion stolen in the February 2025 Bybit exchange hack.
The operators face investigations for operating a criminal trading platform and professional money laundering. Though Exch planned to cease operations by May 1, 2025, authorities acted preemptively, securing evidence with Dutch Fiscal Intelligence and Investigation Service (FIOD) support.
“The scale of this operation demonstrates clearly that cybercrimes are being committed on an industrial level,” said BKA Cybercrime Division head Carsten Meywirth. “We will continue to raise the risks for the underground economy using every tool at our disposal.”
Dr. Benjamin Krause of Frankfurt’s Central Office for Combating Internet Crime (ZIT) emphasized crypto swapping’s role in laundering illegal proceeds, calling such enforcement “essential.” Onchain investigator ZachXBT reported on the news and stated:
Exch was used to launder hundreds of millions from the Bybit hack, Multisig hack, Fixedfloat exploit, $243M Genesis Creditor theft, and countless phishing drainer services over the past few years with refusal to block addresses and freeze orders.
