Germany Seizes $38M in Crypto Linked to Bybit Exchange Hack
The post Germany Seizes $38M in Crypto Linked to Bybit Exchange Hack appeared on BitcoinEthereumNews.com.
Key Notes German authorities confiscated $38 million in cryptocurrency linked to the Bybit hack. Hackers used eXch exchange to launder part of the stolen funds. eXch was shut down by authorities for not implementing anti-money laundering measures. Cryptocurrency exchange eXch has made headlines for allegedly being the platform through which hackers laundered the cryptocurrency stolen from Bybit. German authorities have seized €34 million ($38 million) worth of cryptocurrency from eXch in connection with the record-breaking $1.4 billion breach of Bybit. The German Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office confirmed the news on May 9, 2025. The stolen assets include Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B , Ether ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B , Litecoin LTC $90.41 24h volatility: 7.5% Market cap: $6.86 B Vol. 24h: $432.71 M , and Dash DASH $23.29 24h volatility: 0.8% Market cap: $285.26 M Vol. 24h: $31.08 M . Crypto swapping platform eXch, which began operations in 2014, was used to facilitate the exchange of various cryptocurrency assets. Authorities have revealed that eXch operated on both the clearnet and darknet, making it accessible to a wide range of users. The platform was seized by German authorities, and its servers were confiscated due to its involvement in laundering money for criminals. This was possible, authorities claim, because eXch failed to implement anti-money laundering measures. Before the seizure of its servers, eXch announced that it would cease operations in Germany as of May 1, 2025. During its time in operation, the platform is said to have been involved in the transfer of crypto assets worth approximately $1.9 billion. eXch is believed to have operated without requiring users to submit identity documentation or retain any user…
Filed under: News - @ May 9, 2025 6:26 pm