German Police Dismantle Crypto Launderer Exch, Seize €34 Million Linked to Bybit Hack

German law enforcement has successfully shut down the cryptocurrency swapping service known as Exch, seizing €34 million in various digital currencies. The authorities have linked Exch to significant money laundering activities, including the handling of funds stolen during the substantial Bybit exchange hack that occurred in February 2025.

In a coordinated operation on April 30, 2025, the Public Prosecutor General’s Office in Frankfurt, in collaboration with Germany’s Federal Criminal Police Office (BKA), confiscated the servers that powered Exch. This action represents the third-largest seizure of cryptocurrency in the BKA’s history. The platform, which was accessible through the web address Exch.cx, held a substantial amount of digital assets, including Bitcoin, Ether, Litecoin, and Dash, collectively valued at €34 million based on current exchange rates. Additionally, over eight terabytes of data were secured by the authorities.

According to prosecutors, Exch, which commenced operations in 2014, allegedly provided a service that allowed users to exchange cryptocurrencies anonymously, without the standard anti-money laundering (AML) checks. The platform was also reportedly advertised on various darknet forums. Law enforcement officials estimate that a staggering $1.9 billion in cryptocurrency transactions flowed through Exch, including a portion of the $1.5 billion that was illicitly obtained during the Bybit exchange security breach earlier this year.

The individuals operating Exch are now facing a criminal investigation for allegedly running an illegal trading platform and engaging in professional money laundering. Although Exch had reportedly announced plans to cease its operations by May 1, 2025, German authorities acted proactively to secure crucial evidence, receiving support from the Dutch Fiscal Intelligence and Investigation Service (FIOD) in this effort.

Carsten Meywirth, the head of the BKA Cybercrime Division, underscored the scale and significance of the operation, stating, “The scale of this operation demonstrates clearly that cybercrimes are being committed on an industrial level. We will continue to raise the risks for the underground economy using every tool at our disposal.”

Dr. Benjamin Krause, from Frankfurt’s Central Office for Combating Internet Crime (ZIT), emphasized the critical role that cryptocurrency swapping services play in facilitating the laundering of illegal proceeds, asserting that such enforcement actions are “essential.” Onchain investigator ZachXBT, who closely follows cryptocurrency-related crime, reported on the shutdown, alleging that Exch had been utilized to launder hundreds of millions of dollars originating from the Bybit hack, as well as other significant incidents like the Multisig hack, the Fixedfloat exploit, the $243 million Genesis Creditor theft, and numerous phishing and drainer scams over the past several years. ZachXBT also claimed that Exch had a history of refusing to block suspicious addresses or comply with asset freeze orders.