Crypto Chaos: Germany Busts eXch Exchange in €34M Money Laundering Scandal
Germany’s Federal Criminal Police Office (BKA) has seized the eXch cryptocurrency exchange, accusing it of running a criminal trading platform. They confiscated €34 million in crypto assets. eXch, known for its lack of anti-money laundering measures, has allegedly facilitated $1.9 billion in transfers, including illicit funds from a North Korean hack.
Hot Take:
Germany’s Federal Crime Busters have taken a virtual wrecking ball to the eXch cryptocurrency exchange, proving once again that even in the Wild West of digital currencies, the long arm of the law can still reach out and give a good old-fashioned spanking to bad actors. Meanwhile, eXch’s melodramatic goodbye message suggests that they were just misjudged visionaries, possibly auditioning for the lead role in a crypto-themed soap opera.
Key Points:
- Germany’s BKA shut down eXch[.]cx, a crypto exchange, over money laundering allegations.
- Authorities seized 8 terabytes of data and €34 million in cryptocurrencies.
- eXch reportedly facilitated illicit transactions, including funds from the Bybit hack.
- The exchange had planned to cease operations amidst the crackdown.
- The Dutch FIOD is also investigating related illegal activities.