German police shut down the eXch crypto platform linked to a hacking attack and seized 38 million dollars.

German law enforcement agencies conducted a large-scale operation against the cryptocurrency platform eXch, which is suspected of being involved in money laundering from large hacking attacks. During the operation, 38 million dollars were seized and the activities of the eXch project, which had existed for 9 years, were effectively halted.

Operation Details

According to the Federal Criminal Police and the Central Office of Frankfurt for the Fight Against Cybercrime, eXch is suspected of processing funds from a number of the largest cryptocurrency thefts in recent years. In particular, the platform may have been used to launder part of the funds stolen in a recent attack on a major exchange with losses of $1.5 billion. This attack, according to authorities, is linked to the North Korean hacker group Lazarus.

Technical Features of eXch

eXch provided users with the opportunity to exchange a wide range of digital assets without identity verification. On one hand, this model was positioned by the platform as a tool for ensuring financial sovereignty. On the other hand, it created favorable conditions for those seeking to conceal the origin of funds.

Legal aspects and consequences

The closure of eXch raises important questions about the balance between financial autonomy and the prevention of criminal activity. Such privacy-focused platforms, like Tornado Cash, often find themselves in a gray area between legal financial instruments and tools that facilitate criminal anonymity.

The Scale of Money Laundering

Research by blockchain analyst ZachXBT has shown that hundreds of millions of dollars in stolen cryptocurrency could have been washed through eXch. This includes funds from various hacking attacks, including the mentioned attack with a loss of 1.5 billion dollars, as well as the theft from Genesis creditors amounting to 243 million dollars.

The company TRM Labs, specializing in blockchain analysis, confirmed the platform's connection to money laundering and noted that the eXch API continued to operate even after the announcement of its shutdown, processing transactions related to illegal activities.

Prospects of Withdrawn Funds

Now the German authorities face the question of the future fate of the seized 38 million dollars. It is worth noting that this is not the first case of a large seizure of cryptocurrency by German law enforcement agencies. A year ago, 50,000 bitcoins worth about 2.2 billion dollars were seized from a darknet platform.

Influence on the Crypto Market

• Bitcoin: 102,820 dollars ( +3.4% in 24 hours )
• Ethereum: 2,330 dollars ( +19% over 24 hours )

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