Germany seizes M in crypto from Bybit hack-linked eXch exchange

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

Published

5 months ago

May 9, 2025

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Germany seizes M in crypto from Bybit hack-linked eXch exchange

German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.

The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.

The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.

eXch exchanged crypto without AML

In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.

The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange — *Example of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs*

“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,” the authorities wrote.

Multisig, FixedFloat among laundering cases

According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.

Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.

Germany, AML, Crimes, Hacks, Policy, Bybit — *Source: ZachXBT*

ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.

“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.

eXch announced termination of services by May 1

After initially denying involvement in laundering funds from the Bybit hack, eXch eventually announced it would cease operations by May 1 in a Bitcoin Talk post published in mid-April.

“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.

Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”

“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.

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Politics

Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

Published

49 mins ago

October 6, 2025

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Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

Half of all Conservative members think Kemi Badenoch should not lead the party into the next election, according to an exclusive Sky News Tory members poll.

The YouGov poll found 46% think the current Tory leader should stay in place when the country next goes to the polls, while 50% say she should not.

Tory members are split as to whether she will make it that far. A total of 49% think she will be out before the election, compared with 47% who think she’ll still be in place.

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The Tory leader will hope that this week’s conference in Manchester will steady her leadership.

But asked who they would prefer as leader of the Conservative Party, 46% of Tory members picked Robert Jenrick, comfortably ahead of the 39% who said Ms Badenoch. In all, 11% said neither and 4% don’t know.

The poll of 652 Conservative members was taken between 26 September and 2 October.

Having lost to Ms Badenoch a year ago, Mr Jenrick is now comfortably the members’ favourite, and would beat Boris Johnson, James Cleverly and Priti Patel. Badenoch would narrowly beat Johnson if they went head to head.

Ms Badenoch rejects any kind of electoral pact with Reform UK at the next election, but this is out of step with Tory members.

The poll finds 64% support an electoral pact, meaning Reform and the Tories would not stand candidates against each other in target seats, while 31% do not.

Almost half of Tory members – 46% – would support a full blown merger with Reform UK, against 48% who would oppose a merger.

Party members are very clear that in a hung parliament, they would not want to see Tory MPs putting a Labour prime minister back in Number 10.

Tory members oppose a coalition with Labour by 93% to 6%. However 73% would welcome a coalition with Reform UK in a hung parliament, with 25% against.

Politics

Sanctioned A7A5 becomes largest non-US dollar stablecoin: Data

Published

2 hours ago

October 6, 2025

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Sanctioned A7A5 becomes largest non-US dollar stablecoin: Data

Despite sanctions and scrutiny, the ruble-backed A7A5 stablecoin surged 250% in a day to reach a $500 million market cap, overtaking all non-US dollar rivals.