ZachXBT: CEX Exchange Involved in Money Laundering Raided, €34 Million Seized

BlockBeats News, May 9th, according to on-chain sleuth ZachXBT, the Frankfurt Public Prosecutor's Office announced that the cryptocurrency exchange eXch has been seized by law enforcement agencies, with €34 million and the platform's infrastructure confiscated.

eXch is suspected of providing money laundering services for the Bybit hack, a multisig vulnerability, the FixedFloat exploit, the Genesis Creditor $243 million theft case, and multiple phishing attacks, involving hundreds of millions of dollars, and has refused to freeze related addresses and comply with injunctions.

It is reported that eXch has been in operation since 2014, allowed access on the dark web, and specifically promoted on underground crime economy platforms for not implementing anti-money laundering measures, where users are not required to disclose their real identities to the platform. Since its establishment, approximately $1.9 billion worth of crypto assets have been moved from the platform.