German Authorities Shut Down Crypto Swapping Service eXch, Seize €34000000 in Assets

German law enforcement shut down the crypto swapping service eXch on April 30, seizing €34000000 in assets and eight terabytes of data. According to the press release, the move followed suspicions of commercial money laundering and darknet operations.

German law enforcement officials have shut down the crypto swapping service eXch and seized €34 million in assets, according to a press release by the Frankfurt am Main Public Prosecutor’s Office.

The move, which follows suspicions of commercial money laundering and darknet operations, saw authorities seize Bitcoin, Ethereum, Litecoin, and Dash, with an estimated combined value of €34 million.

Investigators also seized more than eight terabytes of platform data, marking the third-largest crypto asset confiscation in Federal Criminal Police Office (BKA) history.

Launched in 2014, eXch enabled users to exchange cryptocurrencies without identity verification. Operating on both the clearnet and darknet, the platform was advertised in underground forums and did not require user registration or follow anti-money laundering rules.

As a result, the service became a tool for quickly and easily converting cryptocurrencies while remaining anonymous, investigators noted.

The service is said to have facilitated the movement of funds tied to criminal activity. Since its launch, an estimated $1.9 billion in crypto has flowed through the platform.

Crypto sleuth ZachXBT suspects that some of the $1.5 billion stolen from the Bybit exchange in February 2025 was swapped through eXch. The $243 million stolen in the Genesis Creditor incident is also linked to the platform.

Authorities also criticized the platform’s refusal to freeze stolen assets or assist law enforcement, calling it a haven for criminals. Investigators are now examining possible connections to other cybercrimes.

Although the team announced a planned shutdown on May 1, authorities acted early in response to the urgent need to secure evidence, crypto wallets, and database files.

Crucially, German officials collaborated with the Dutch Tax Investigation Department (FIOD) during the seizure. Authorities say the data may help uncover other illegal operations tied to eXch.

Meanwhile, investigators are reviewing the information for leads on wider cybercrime networks. Based on the evidence gathered, more legal action may follow.