German authorities have shuttered the crypto exchange eXch, alleging the platform played a central role in laundering proceeds from some of the largest cryptocurrency hacks in recent years.

On April 30, the Frankfurt Public Prosecutor’s Office and Germany’s Federal Criminal Police Office (BKA) seized approximately €34 million (around $38 million) in digital assets, along with over 8 terabytes of data. The coordinated raid targeted eXch’s server infrastructure — just one day before its operators reportedly intended to close it down.

According to official statements, eXch facilitated over $1.9 billion in crypto transactions during its lifetime, with a substantial portion believed to stem from criminal activity. The exchange is suspected of being a key laundering channel for funds stolen in the $1.5 billion Bybit hack, the $243 million theft affecting Genesis creditors, and various phishing and “drainer” scams.

Investigators say eXch advertised itself openly on darknet forums as a no-questions-asked crypto-swapping service, promoting anonymity and speed. The platform reportedly imposed no know-your-customer (KYC) or anti-money laundering (AML) procedures, allowing users to swap bitcoin, ether, litecoin, and dash without registration.

“The service specifically promoted its lack of AML enforcement, making it particularly attractive for concealing illicit financial flows,” said German officials in a translated release. “No user identification was required, and no data was stored.”

eXch operated under the domain eXch(dot)cx since 2014, and had long been under scrutiny for its association with criminal crypto activity.

This takedown adds to a growing wave of European crackdowns on crypto platforms accused of facilitating money laundering. In the past two years, law enforcement agencies have also dismantled services such as ChipMixer, Sinbad, and Hydra, signaling a stronger regulatory stance against illicit financial activity in the digital asset space.