German law enforcement authorities have confiscated 34 million euros ($38 million) in cryptocurrency from eXch, a platform allegedly involved in money laundering funds stolen after Bybit’s $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, included Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dash (DASH). This marks the third-largest crypto confiscation in the BKA’s history. eXch, described as a platform that allowed users to exchange crypto assets without Anti-Money Laundering (AML) measures, had facilitated around $1.9 billion in crypto transfers since 2014, some believed to be of criminal origin. The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform. According to reports, eXch was involved in laundering millions from various crypto thefts and exploits, including the Bybit hack. ZachXBT, a security analyst, revealed that eXch was linked to laundering $35 million of stolen crypto assets from Bybit soon after the hack was confirmed. eXch announced the termination of its services by May 1 after initially denying involvement in the money laundering. The senior public prosecutor emphasized the importance of cracking down on crypto swapping used in concealing illegal funds. This action highlights the ongoing efforts to combat criminal activities in the cryptocurrency space.