German Authorities Seize $38M in Crypto Linked to Bybit Hack

German police have confiscated $38 million in cryptocurrency from eXch, a platform allegedly involved in laundering funds stolen during Bybit’s $1.04 billion hack. The Federal Criminal Police Office (BKA) executed the seizure while shutting down eXch’s server infrastructure. The operation marks Germany’s third-largest crypto confiscation to date. Investigators identified eXch as an unregulated ’swapping’ service that facilitated the laundering of stolen funds.

German Authorities Seize $38M in Crypto Linked to Bybit Hack

German police have confiscated $38 million in cryptocurrency from eXch, a platform allegedly involved in laundering funds stolen during Bybit’s $1.04 billion hack. The Federal Criminal Police Office (BKA) executed the seizure while shutting down eXch’s server infrastructure.

The operation marks Germany’s third-largest crypto confiscation to date. Investigators identified eXch as an unregulated ’swapping’ service that facilitated anonymous cryptocurrency transactions without proper Anti-Money Laundering checks.

Blockchain analyst ZachXBT claims eXch laundered proceeds from multiple crypto thefts beyond the Bybit exploit. The platform’s takedown demonstrates growing international coordination against illicit crypto movements.

Crypto Market Sees $260M Liquidation as Bitcoin Stumbles

The cryptocurrency market faced a sharp downturn, with over $260 million in liquidations occurring within four hours as Bitcoin briefly plunged to $101,000. The sell-off triggered widespread volatility, catching traders off guard amid fading bullish momentum.

Bitcoin accounted for $84.7 million of the liquidations, while ethereum saw $58.4 million in positions wiped out. Long positions bore the brunt of the damage across most major cryptocurrencies.

Bybit led exchange liquidations with $111.12 million, underscoring the intensity of the market shakeout. The sudden MOVE highlights the fragility of crypto markets when momentum shifts.