eXch Crypto Exchange Shutdown by German Authorities
The post eXch Crypto Exchange Shutdown by German Authorities appeared on BitcoinEthereumNews.com. The Frankfurt am Main Public Prosecutor’s Office, in collaboration with the Central Office for the Combat of Internet Crime (ZIT) and the Federal Criminal Police Office (BKA), has shut down Germany-based cryptocurrency exchange eXch. On April 30, law enforcement seized the exchange’s server infrastructure and approximately €34 million ($38.5 million) in crypto assets. German Authorities Shut Down eXch In a press release issued on May 9, the authorities revealed that the seized crypto assets included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash (DASH). They also confiscated over eight terabytes of data. “Once again, we have been able to seize millions of euros’ worth of illicit cryptocurrencies and shut down a digital money-laundering platform. The scale of these operations clearly shows that cybercrimes are being committed on an industrial level,” Carsten Meywirth, Head of the Cybercrime Department of the German Federal Criminal Police Office, said. The seizure of eXch followed allegations that the privacy-focused exchange was used to launder illicit funds. The platform allegedly operated without Know Your Customer (KYC) requirements and was accessible on both the Clearnet and Darknet. The press release emphasized that the platform was advertised on criminal forums. It openly stated that it did not implement anti-money laundering measures. Users remained anonymous, with no identity verification and no data storage, making eXch ideal for hiding financial transactions. According to German authorities, eXch facilitated around $1.9 billion in cryptocurrency transfers since its launch. They suspect that the exchange received Bitcoin of criminal origin. Moreover, it was allegedly laundering a significant portion of the $1.5 billion stolen from the hacked cryptocurrency exchange Bybit in February. The Bybit hack, attributed to North Korea’s Lazarus Group, is one of the largest cryptocurrency thefts in history. Hackers siphoned off over 400,000 ETH from the exchange’s cold wallet. “eXch was used to…
The post eXch Crypto Exchange Shutdown by German Authorities appeared on BitcoinEthereumNews.com.
The Frankfurt am Main Public Prosecutor’s Office, in collaboration with the Central Office for the Combat of Internet Crime (ZIT) and the Federal Criminal Police Office (BKA), has shut down Germany-based cryptocurrency exchange eXch. On April 30, law enforcement seized the exchange’s server infrastructure and approximately €34 million ($38.5 million) in crypto assets. German Authorities Shut Down eXch In a press release issued on May 9, the authorities revealed that the seized crypto assets included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash (DASH). They also confiscated over eight terabytes of data. “Once again, we have been able to seize millions of euros’ worth of illicit cryptocurrencies and shut down a digital money-laundering platform. The scale of these operations clearly shows that cybercrimes are being committed on an industrial level,” Carsten Meywirth, Head of the Cybercrime Department of the German Federal Criminal Police Office, said. The seizure of eXch followed allegations that the privacy-focused exchange was used to launder illicit funds. The platform allegedly operated without Know Your Customer (KYC) requirements and was accessible on both the Clearnet and Darknet. The press release emphasized that the platform was advertised on criminal forums. It openly stated that it did not implement anti-money laundering measures. Users remained anonymous, with no identity verification and no data storage, making eXch ideal for hiding financial transactions. According to German authorities, eXch facilitated around $1.9 billion in cryptocurrency transfers since its launch. They suspect that the exchange received Bitcoin of criminal origin. Moreover, it was allegedly laundering a significant portion of the $1.5 billion stolen from the hacked cryptocurrency exchange Bybit in February. The Bybit hack, attributed to North Korea’s Lazarus Group, is one of the largest cryptocurrency thefts in history. Hackers siphoned off over 400,000 ETH from the exchange’s cold wallet. “eXch was used to…
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