German law enforcement authorities have taken decisive action against the anonymous crypto swapping service Exch, seizing €34 million in digital assets tied to money laundering operations, including funds stolen in the 2025 Bybit exchange hack. The operation, conducted by the Public Prosecutor General’s Office in Frankfurt and Germany’s Federal Criminal Police Office (BKA), represents the third-largest cryptocurrency seizure in BKA history.
Exch Platform Operations and Shutdown
According to official reports, the Exch platform (accessible at Exch.cx) had been operating since 2014, allowing users to swap cryptocurrencies anonymously without performing anti-money laundering (AML) checks. The service reportedly advertised on darknet forums, attracting significant illicit fund flows. The BKA estimates that a staggering $1.9 billion in cryptocurrency passed through the service, including a portion of the $1.5 billion stolen during the February 2025 Bybit hack.
Although Exch planned to cease operations by May 1, 2025, authorities acted preemptively on April 30, 2025, seizing its servers. The confiscated assets included bitcoin, ether, litecoin, and dash, valued at €34 million at current exchange rates, along with over eight terabytes of data. The Dutch Fiscal Intelligence and Investigation Service (FIOD) provided support for the operation.
Operators Under Investigation
The operators of Exch now face investigations for running a criminal trading platform and professional money laundering. Carsten Meywirth, head of the BKA’s Cybercrime Division, stated: “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 of Frankfurt’s Central Office for Combating Internet Crime (ZIT) emphasized the crucial role of crypto swapping services in laundering illicit proceeds, calling such enforcement actions “essential” for disrupting the underground financial ecosystem.
On-Chain Investigator Reveals Scope
Prominent on-chain investigator ZachXBT commented on the news, revealing that “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.” This highlights the platform’s central role in processing stolen funds from multiple high-profile incidents.
The operation underscores the growing urgency of enforcing anti-money laundering regulations within the cryptocurrency space and demonstrates law enforcement’s commitment to combating illegal financial activities at scale.