On April 30, 2025, the Frankfurt am Main General Prosecutor’s Office-Central Unit for Combating Internet Crime (ZIT)-in close collaboration with the German Federal Criminal Police Office (BKA), executed a decisive operation to dismantle the crypto-swapping service known as eXch. The platform’s entire server infrastructure, located in Germany, was seized and taken offline. This takedown marks a significant milestone in the fight against cyber-enabled money laundering and criminal finance within the cryptocurrency ecosystem.
Background and technical overview of eXch
Operating since 2014, eXch was accessible via the domain eXch.cx and multiple other web addresses, both on the clearnet and darknet. The service specialized in crypto-to-crypto swaps, allowing users to exchange Bitcoin, Ether, Litecoin, Dash, and other cryptocurrencies without any form of identity verification or user data retention. This zero-KYC (Know Your Customer) approach made eXch a prime tool for obfuscating illicit financial flows.
The platform explicitly advertised on underground economy forums and marketplaces, promoting its non-compliance with anti-money laundering (AML) regulations as a feature rather than a flaw. This enabled cybercriminals to launder proceeds from hacking, stolen payment card data, and other illegal activities by rapidly converting tainted cryptocurrencies into alternative coins, effectively severing the traceability of funds on blockchain networks.
Scale and impact of the seizure
Authorities confiscated over 8 terabytes of data from the platform’s infrastructure, including transaction logs and user activity records. Most notably, they secured cryptocurrency assets valued at approximately €34 million (in Bitcoin, Ether, Litecoin, and Dash), marking the third-largest crypto asset seizure in BKA history.
Since inception, eXch reportedly processed an estimated $1.9 billion USD worth of cryptocurrency transactions. Investigators suspect a significant portion of these funds originated from criminal sources. For instance, a substantial volume of Bitcoin linked to the $1.5 billion hack of the Bybit exchange in February 2025 was reportedly laundered through eXch.
Legal charges and enforcement strategy
The operators of eXch face serious allegations, including:
- Commercial-scale money laundering
- Operating a criminal trading platform on the internet
Despite the platform’s operators announcing a planned shutdown on May 1, 2025, law enforcement acted preemptively to secure critical evidence and assets. The swift intervention prevented the destruction or dispersal of data and funds, significantly strengthening the case against the perpetrators.
The investigation was conducted in close cooperation with the Dutch Fiscal Information and Investigation Service (FIOD), emphasizing the transnational nature of cybercrime and the importance of international collaboration.
Expert commentary
Carsten Meywirth, Director at BKA and Head of the Cybercrime Division, highlighted the operation’s significance:
“Once again, we have secured a record-breaking amount of criminally tainted cryptocurrencies and pulled the plug on a digital money laundering platform. The scale of these operations underscores the industrial magnitude of cybercrime today. We will continue to raise the risk for the underground economy with all available means, aiming to hold perpetrators accountable.”
Dr. Benjamin Krause, Chief Senior Public Prosecutor at ZIT, added:
“Crypto-swapping is a critical component of the underground economy, enabling criminals to conceal illicit proceeds from hacking and stolen payment card data trade. It is imperative that law enforcement agencies rigorously target these fast and anonymous laundering mechanisms to deny criminals access to their profits.”
Broader implications for cybersecurity and financial crime
The eXch takedown sends a strong signal to the cybercriminal ecosystem that anonymity and speed in cryptocurrency laundering are no longer safe havens. The seizure of vast data troves and digital assets will likely aid in unraveling complex money laundering networks and related cybercrime cases. This operation exemplifies how law enforcement agencies are adapting to the evolving challenges posed by decentralized finance and the underground crypto economy.
The shutdown of eXch represents a landmark achievement in combating crypto-enabled money laundering. It demonstrates the effectiveness of coordinated international law enforcement efforts and the critical role of technical expertise in disrupting illicit financial infrastructures. For cybersecurity professionals and financial crime investigators, this case underscores the necessity of continuous vigilance and innovation to counteract the sophisticated methods employed by cybercriminals in the digital asset space.