Connect with us

Published

on

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.

Related: Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357M

“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.

Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express

Continue Reading

Politics

SEC Chair calls tokenization an ‘innovation’ in sign of regulatory shift

Published

on

By

<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

In a media interview, Chair Paul Atkins pledged to empower businesses to innovate through tokenization.

Continue Reading

Politics

Just 25% of public think Sir Keir Starmer will win next election – with welfare row partly to blame

Published

on

By

Just 25% of public think Sir Keir Starmer will win next election - with welfare row partly to blame

Only a quarter of British adults think Sir Keir Starmer will win the next general election, as the party’s climbdown over welfare cuts affects its standing with the public.

A fresh poll by Ipsos, shared with Sky News, also found 63% do not feel confident the government is running the country competently, similar to levels scored by previous Conservative administrations under Boris Johnson and Rishi Sunak in July 2022 and February 2023, respectively.

Politics latest: ‘A moment of intense peril’ for PM

The survey of 1,080 adults aged 18-75 across Great Britain was conducted online between 27 and 30 June 2025, when Labour began making the first of its concessions, suggesting the party’s turmoil over its own benefits overhaul is partly to blame.

The prime minister was forced into an embarrassing climbdown on Tuesday night over his plans to slash welfare spending, after it became apparent he was in danger of losing the vote owing to a rebellion among his own MPs.

Please use Chrome browser for a more accessible video player

Govt makes last-minute concession on welfare bill

The bill that was put to MPs for a vote was so watered down that the most controversial element – to tighten the eligibility criteria for personal independence payments (PIP) – was put on hold, pending a review into the assessment process by minister Stephen Timms that is due to report back in the autumn.

The government was forced into a U-turn after Labour MPs signalled publicly and privately that the previous concession made at the weekend to protect existing claimants from the new rules would not be enough.

More on Benefits

While the bill passed its first parliamentary hurdle last night, with a majority of 75, 49 Labour MPs still voted against it – the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

It left MPs to vote on only one element of the original plan – the cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

Please use Chrome browser for a more accessible video player

Govt makes last-minute concession on welfare bill

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

The incident has raised questions about Sir Keir’s authority just a year after the general election delivered him the first Labour landslide victory in decades.

Read more:
How did your MP vote on Labour’s welfare bill?
The PM faced down his party on welfare and lost

And on Wednesday, Downing Street insisted Rachel Reeves, the chancellor, was “not going anywhere” after her tearful appearance in the House of Commons during prime minister’s questions sparked speculation about her political future.

The Ipsos poll also found that two-thirds of British adults are not confident Labour has the right plans to change the way the benefits system works in the UK, including nearly half of 2024 Labour voters.

Keiran Pedley, director of UK Politics at Ipsos, said: “Labour rows over welfare reform haven’t just harmed the public’s view on whether they can make the right changes in that policy area, they are raising wider questions about their ability to govern too.

“The public is starting to doubt Labour’s ability to govern competently and seriously at the same levels they did with Boris Johnson and Rishi Sunak’s governments. Labour will hope that this government doesn’t end up going the same way.”

Continue Reading

Politics

Emotional Reeves a painful watch – and a reminder of tough decisions ahead

Published

on

By

Emotional Reeves a painful watch - and a reminder of tough decisions ahead

It is hard to think of a PMQs like it – it was a painful watch.

The prime minister battled on, his tone assured, even if his actual words were not always convincing.

But it was the chancellor next to him that attracted the most attention.

Rachel Reeves looked visibly upset.

Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA
Image:
Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA

It is hard to know for sure right now what was going on behind the scenes, the reasons – predictable or otherwise – why she appeared to be emotional, but it was noticeable and it was difficult to watch.

Reeves looks visibly upset as Starmer defends welfare U-turn – politics latest

Her spokesperson says it was a personal matter that they will not be getting into.

More from Politics

Even Kemi Badenoch, not usually the most nimble PMQs performer, singled her out. “She looks absolutely miserable,” she said.

Anyone wondering if Kemi Badenoch can kick a dog when it’s down has their answer today.

The Tory leader asked the PM if he could guarantee his chancellor’s future: he could not. “She has delivered, and we are grateful for it,” Sir Keir said, almost sounding like he was speaking in the past tense.

Pic PA
Image:
Rachel Reeves looked visibly upset behind Keir Starmer at PMQs. Pic PA

It is important to say: Rachel Reeves’s face during one PMQs session is not enough to tell us everything, or even anything, we need to know.

But given the government has just faced its most bruising week yet, it was hard not to speculate. The prime minister’s spokesperson has said since PMQs that the chancellor has not offered her resignation and is not going anywhere.

But Rachel Reeves has surely seen an omen of the impossible decisions ahead.

How will she plug the estimated £5.5bn hole left by the welfare climbdown in the nation’s finances? Will she need to tweak her iron clad fiscal rules? Will she come back for more tax rises? What message does all of this send to the markets?

If a picture tells us a thousand words, Rachel Reeves’s face will surely be blazoned on the front pages tomorrow as a warning that no U-turn goes unpunished.

Continue Reading

Trending