Crypto Chaos: German Authorities Pull the Plug on eXch’s Shady Dealings!
German authorities pulled the plug on eXch, a cryptocurrency exchange allegedly enabling money laundering and criminal activities. Known for its anti-anti-money laundering stance, eXch was ideal for shady business. The Bybit hack, linked to North Korea, allegedly funneled through it. eXch’s sudden closure? Not quite voluntary, says the BKA.
Hot Take:
Oops, eXch made a boo-boo! It turns out that running a cryptocurrency exchange without any anti-money laundering measures is a bit like opening a bank vault and leaving the door wide open. Who knew? Apparently, everyone except eXch. Now they’re learning the hard way that when you play with fire, you might get burned—or in their case, seized by the authorities. Better luck next time, folks!
Key Points:
- German authorities have taken down eXch, a crypto exchange allegedly involved in money laundering.
- eXch was promoted as lacking anti-money laundering (AML) measures on underground platforms.
- The exchange was linked to the laundering of stolen Ethereum from a Bybit hack by the Lazarus group.
- eXch operators announced plans to close due to a law enforcement investigation.
- The takedown operation secured evidence, including €34 million in various cryptocurrencies.
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