Crypto swapping service "eXch" shut down Cryptocurrencies worth around 34 million euros seized

On 30.04.2025, the Frankfurt am Main Public Prosecutor's Office - Central Office for Combating Internet Crime (ZIT) - and the Federal Criminal Police Office (BKA) seized the server infrastructure of the crypto swapping service "eXch" located in Germany and shut down the platform. The service was available under the domain eXch.cx and various other Internet addresses. In addition to extensive data of over eight terabytes, the crypto assets Bitcoin, Ether, Litecoin and Dash were seized, currently worth the equivalent of about 34 million euros. It is the third-highest seizure of crypto assets in the history of the BKA.

eXch was a service that had been in existence since 2014 and allowed users to exchange different cryptocurrencies for other cryptocurrencies (known as "swapping"). The platform was accessible on both the clearnet and the darknet and specifically advertised on platforms of the criminal underground economy (UE) that it would not implement any anti-money laundering measures. Users did not have to identify themselves to the service, nor was user data stored there. In this respect, crypto swapping via eXch was particularly suitable for concealing financial flows. Since the service's inception, an estimated $1.9 billion in crypto assets have been transferred. There is a suspicion that eXch received Bitcoin of criminal origin in particular. Among other things, part of the stolen sum of 1.5 billion US dollars from the crypto exchange Bybit, which was hacked on 21.02.2025, is said to have been exchanged via eXch.

The operators of eXch are therefore suspected of commercial money laundering and the operation of a criminal trading platform on the Internet.

The operators had initially announced at short notice that they would discontinue their service on 01.05.2025. The authorities preempted this and secured numerous pieces of evidence and traces. Despite a short preparation time, the platform's database and the associated crypto assets were secured. In the investigation, ZIT and BKA cooperated closely with the Dutch Tax Investigation Service (FIOD). ZIT and BKA assume that the findings gained in the proceedings will also contribute to the investigation of a large number of other cybercrimes.

Carsten Meywirth, Director at the Federal Criminal Police Office and Head of the Cybercrime Department, said: "Once again, we have secured a record-breaking amount of incriminated cryptocurrencies in the millions and pulled the plug on a digital money laundering platform. The dimensions impressively show that cybercrimes are 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."

Dr. Benjamin Krause, Senior Public Prosecutor of the ZIT added: "Crypto swapping is an essential part of the underground economy in order to conceal incriminated funds from illegal activities such as hacking or the trade in stolen payment card data and thus make them usable for the perpetrators. This makes it all the more important that law enforcement authorities take consistent action against such rapid and anonymous opportunities for money laundering at any level and deprive the perpetrators of the proceeds of the crime."