German Police Shut Down Crypto Exchange eXch

German police have shut down the eXch platform, which has been providing anonymous exchange of digital assets without user verification since 2014. According to the Frankfurt Attorney General's Office, the service has become a central hub in underground financial schemes.

During the raid, law enforcement officers found and seized funds worth 34 million euros and 8 TB of data from the platform. The investigation found that about $1.9 billion passed through eXch, including $1.5 billion stolen as a result of a hacker attack on Bybit. The platform was actively promoted on shadow forums, promising clients a complete lack of KYC checks and non-saving of personal data. This policy made it a favorite among scammers, the departments noted.

It is noteworthy that the raid took place a day before the platform owners planned to shut down. Law enforcement officials specify that eXch operated on an "industrial scale", servicing criminal chains - from hacker groups to traders of stolen databases.

It was previously reported that the crypto exchange eXch was shutting down amid allegations of money laundering, which hackers stole when they hacked the Bybit platform.