Germany Shuts Down eXch, a Crypto Platform Allegedly Related to Bybit's $1.4 Billion Hack

German authorities have seized €34 million ($38 million) in Bitcoin, Ether, Litecoin, and Dash from eXch, a crypto platform linked to Bybit’s $1.4 billion hack.

The Frankfurt am Main Public Prosecutor’s Office – Central Office for Combating Internet Crime (ZIT) and the Federal Criminal Police Office (BKA) announced the raid and seizure today.

The seized crypto assets will be used to fund social projects in accordance with legal provisions, while eXch’s German server infrastructure, containing over eight terabytes of data, was confiscated and the platform was shut down.

This marks the third-largest crypto seizure in Germany’s history.

eXch's Alleged Involvement in Bybit Hack and Other Frauds

The BKA described eXch as a “swapping” service that enabled users to exchange crypto without adhering to Anti-Money Laundering (AML) rules.

Having started operations in 2014, the platform had reportedly processed around $1.9 billion in crypto transactions, some of which involved illicit funds linked to the Bybit hack.

Germany’s official statement mentioned, “Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch.”

However, eXch’s alleged activities extend beyond the Bybit hack. Crypto sleuth ZachXBT highlighted eXch’s involvement in facilitating millions of crypto fraud funds.

The investigator uncovered details of the platform's role in facilitating crypto thefts that affected Multisig, FixedFloat, and the $243 million Genesis creditor hack.

Additionally, eXch was implicated in enabling numerous phishing scams and consistently refused to block suspicious addresses or comply with freeze orders.

Germany's heightened scrutiny of crypto platforms is evident with this move, following recent events that led to Ethena ceasing operations in the country.

The pressing need for stricter regulations is further emphasized by recent incidents, such as the massive hack of the LockBit ransomware gang, which compromised sensitive data on 60,000 Bitcoin addresses.