Busted! German Police Pull the Plug on $38M Crypto Laundering Platform eXch
German federal police shut down the eXch cryptocurrency exchange for money laundering. Seizing $38 million in digital assets, it’s the third largest in their history. Despite eXch’s denial, BKA suspects ties to the infamous Lazarus group. With eight terabytes of data now in hand, authorities aim to identify the cybercriminals.
Hot Take:
Looks like the BKA just called “checkmate” on the eXch chessboard of cryptocurrency crime. While the operators thought they were playing a game of “hide-and-seek” with their ill-gotten gains, the German police were busy preparing a “catch-me-if-you-can” strategy that ended with a server shutdown and a hefty crypto haul. Who knew seizing digital assets could be so…fetching?
Key Points:
- German Federal Police shut down eXch cryptocurrency exchange for alleged money laundering activities.
- Authorities seized server infrastructure and $38 million worth of cryptocurrencies.
- eXch allegedly facilitated laundering of stolen funds from the Bybit crypto-heist by North Korea’s Lazarus group.
- The platform failed to comply with ‘know-your-customer’ regulations.
- eXch’s operators are under suspicion for commercial money laundering.
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