Millions in Cryptocurrencies Seized: German Authorities Shut Down "eXch"
Authorities dismantled an operational cryptocurrency platform following an intensified investigation.
Wave goodbye, crypto lovers, to the popular but shady platform, "eXch." In a sweeping operation coordinated between the Federal Criminal Police Office (BKA) and the General Public Prosecutor's Office Frankfurt, the notorious crypto-swapping service was shuttered, with millions seized. Sayonara, indeed!
The authorities shut down "eXch" on a cold April afternoon, and over eight terabytes of data, along with the equivalent of approximately €34 million ($38 million USD) in Bitcoin, Ethereum, Litecoin, and Dash, were snatched. This daring move is said to be the third largest crypto seizure in German history!
That's right; "eXch" was first seen flaunting its defiance against implementing regulations designed to combat money laundering when it surfaced in 2014. Users could exchange their crypto assets on the platform without disclosing their identities, making transactions on "eXch" as anonymous as a ninja in the night.
Since its inception, "eXch" was suspected of facilitating approximately $1.9 billion in crypto transactions. There is a growing suspicion that this service knowingly accepted cryptocurrencies with ties to illicit activities. The operators are now under the spotlight, suspected of operating an online criminal trading platform.
Just when they thought they'd get away with it... Apparently, the operators had planned to close shop by May 1st. But authorities stepped in early, seizing the data before the crypto thieves could skedaddle.
Sources: ntv.de, chl/dpa
- Cryptocurrencies
- BKA
- Money Laundering
- The shutdown of "eXch", a crypto-swapping service, led to the seizure of millions worth of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash, by German authorities.
- The authorities suspect that "eXch" knowingly accepted cryptocurrencies with ties to illicit activities, making it a potential haven for money laundering.
- Previously, "eXch" had flouted regulations designed to combat money laundering, allowing users to exchange their crypto assets anonymously.
- The seizure, reportedly the third largest in German history, was the result of a joint operation between the Federal Criminal Police Office (BKA) and the General Public Prosecutor's Office Frankfurt.
- The operators of "eXch" are now under scrutiny, suspected of operating an online criminal trading platform, and their plans to close the service by May 1st were thwarted by the authorities.
