€34 million in crypto seized from eXch for facilitating money laundering
The seizure of eXch’s servers highlights ongoing efforts to curb crypto-related money laundering, with connections to North Korean hacking groups under investigation.
The exchange reportedly processed transactions without implementing necessary anti-money laundering controls, attracting criminals seeking to launder stolen funds.
Authorities also claim that eXch was involved in laundering millions from multiple high-profile crypto thefts, including the $1.4 billion Bybit hack. The exchange’s services were available on both the clearnet and the darknet, and advertised on underground criminal platforms.
In addition to cryptocurrency holdings, the confiscated assets include server hardware and other digital infrastructure linked to the exchange’s operations.
While eXch announced its closure last month, blockchain analytics firm TRM Labs suggested that it continued operating. The exchange’s involvement in illicit activities, including refusal to block addresses linked to phishing schemes, has sparked further scrutiny.
As Germany prepares to discuss North Korean crypto hacks at the G7 summit, these latest developments are likely to be high on the agenda.
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