German authorities have shuttered the eXch crypto exchange, which has been accused of enabling cybercriminals to launder proceeds anonymously.
Cryptocurrency exchanges are online platforms where people and companies can buy, sell, or trade cryptocurrencies.
Legitimate uses for crypto exchanges might include investment trading or peer-to-peer transfers. However, cybercriminals often exploit these platforms to anonymously launder money from illegal activities that often consist of ransomware attacks and other online frauds.
eXch processed nearly two billion dollars
The eXch crypto exchange reportedly processed around $1.9 billion in cryptocurrency transactions, including a $1.5 billion from Bybit hack from February 2025.
The eXch platform, which has been operating since 2014, enabled users to anonymously exchange cryptocurrencies without proper anti-money laundering controls. This, in turn, made it a favored tool for cybercriminals looking to conceal illegal funds.
Authorities say that these exchanges were very popular among ransomware gangs, darknet market operators, and botnet groups.
“Shutting down eXch significantly disrupts criminal networks that depend on anonymous cryptocurrency transactions,” said Carsten Meywirth, head of the BKA’s Cybercrime Division. “This operation demonstrates our commitment to combating cybercrime and holding perpetrators accountable.”
In addition to financial assets, investigators seized over eight terabytes of data. The seized information is expected to help authorities find further criminal activities linked to cryptocurrency use.
German authorities have said that their actions against non-compliant exchanges will continue as part of their broader strategy to put a stop to cryptocurrency-facilitated cybercrime.