Major Blow to Crypto Crime: German Authorities Dismantle €34 Million Money Laundering Operation

German Federal Criminal Police (BKA) and Frankfurt prosecutors shut down "eXch," one of Europe's largest anonymous cryptocurrency exchange services, seizing €34 million in digital assets and over 8TB of data. The platform facilitated $1.9 billion in transactions since 2014, primarily serving cybercriminals for money laundering operations.

Surprise for eXch "users" after the platform has been seized by law enforcement. (Source: BKA)

What is eXch?

eXch was a sophisticated cryptocurrency swapping service that operated from 2014 until its takedown on April 30, 2025. The platform provided anonymous cryptocurrency exchange services across both the clearnet and darknet, deliberately avoiding Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures.

The platform actively marketed itself on underground criminal marketplaces, emphasizing its complete absence of regulatory compliance.

The service enabled users to exchange various cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Dash without any identity verification requirements. This anonymity made it particularly attractive to cybercriminals seeking to launder proceeds from illegal activities. The platform actively marketed itself on underground criminal marketplaces, emphasizing its complete absence of regulatory compliance.

Over its eleven-year operation, eXch processed approximately $1.9 billion worth of cryptocurrency transactions. Law enforcement agencies believe a significant portion of these funds originated from criminal activities, with the platform serving as a crucial infrastructure component for digital money laundering operations.

Notably, investigators discovered that portions of the $1.5 billion stolen during the February 21, 2025 Bybit exchange hack were processed through eXch, demonstrating the platform's role in high-profile cryptocurrency thefts. The service's integration into the criminal ecosystem made it an essential tool for threat actors seeking to obscure the origins of stolen digital assets.

The dismantling of eXch marks another significant victory in the ongoing battle against cryptocurrency-enabled crime, showcasing international cooperation's effectiveness in disrupting digital criminal infrastructure.

The coordinated international operation between German BKA, Frankfurt prosecutors, and Dutch tax investigation service FIOD represents the third-largest cryptocurrency seizure in German law enforcement history. Authorities preempted the operators' planned voluntary shutdown, securing critical evidence and disrupting a major money laundering infrastructure. This action significantly constrains the operational capabilities of cybercriminals who relied on eXch's anonymous services, demonstrating law enforcement's growing effectiveness in targeting cryptocurrency-based criminal enterprises.