Memecoin
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- German police have dismantled the cryptocurrency platform eXch and seized €34 million in digital assets
- The platform has been linked to laundering proceeds from major cybercrimes, including the $1.5 billion Bybit hack
- Investigators estimate eXch processed around $1.9 billion worth of crypto transactions since its launch
German authorities have shut down the cryptocurrency exchange eXch over suspicions of large-scale money laundering. The platform, active since 2014, is believed to have facilitated nearly $2 billion in transactions without any form of anti-money laundering controls, including from the $1.5 billion Bybit hack. As a result of the raid, €34 million ($38 million) worth of cryptocurrencies was seized, representing a huge haul for investigators.
Memecoin Server Takedown Results in Huge Crypto Seizure
On April 30, German law enforcement agencies, led by the Federal Criminal Police Office (BKA) and the Frankfurt Public Prosecutor’s Office, seized the server infrastructure of eXch and confiscated digital assets worth €34 million. The operation also resulted in the collection of more than 8 terabytes of data for further investigation.
According to officials, eXch allowed users to anonymously exchange cryptocurrencies such as Bitcoin, Ether, Litecoin and Dash. No identification was required, making the platform an attractive tool for concealing the origins of illegally obtained funds, putting it in the same league as former Russian exchange BTC-e.
Memecoin Links to Major Crypto Hacks
Investigators believe that eXch played a key role in laundering stolen assets from the February 2025 Bybit hack, which saw $1.5 billion in crypto siphoned off by unknown attackers. Authorities also allege that eXch was used in connection with phishing scams, darknet market activities, and other cybercrime.
Carsten Meywirth, Director of the Federal Criminal Police Office and Head of the Cybercrime Division, commented on the raid in a press release:
Once again, we have secured a record-breaking sum of millions in incriminated cryptocurrencies and shut down a digital money laundering platform. The scale of the incident impressively demonstrates that cybercrimes are being committed on an industrial scale. We will continue to increase the risk of loss for the underground economy with all the means at our disposal. Our goal remains to hold those responsible accountable.
Memecoin eXch Tries to Defend Itself
The takedown was carried out in cooperation with Dutch law enforcement and Europol, with additional support from cybersecurity experts. The cross-border effort reflects growing international pressure on services that facilitate untraceable crypto transactions. eXch had attempted to wind down its operations voluntarily, citing pressure from “transatlantic” authorities. In a statement posted before the shutdown, the operators claimed: “The goals we certainly never had in mind were to enable illicit activities such as money laundering or terrorism.”
Despite this, authorities acted before the platform’s self-imposed shutdown date, ensuring evidence was preserved. The investigation remains ongoing, with officials now reviewing the seized data to identify further suspects and criminal connections.
