German authorities have taken down the controversial cryptocurrency exchange platform, eXch, due to alleged involvement with criminal activity related to a recent theft from crypto exchange Bybit. The seizure of €34 million worth of cryptocurrency represents a significant portion of the funds stolen from Bybit during a large-scale attack by North Korea-backed Lazarus Group earlier this year. The attack saw Bybit lose an estimated $1.4 billion, prompting authorities to investigate eXch’s role in laundering these funds. eXch’s failure to verify transactions and maintain proper anti-money laundering (AML) practices contributed to its shutdown. 8 terabytes of data and €34 million were seized from the platform as part of a broader investigation. This action follows a pattern of regulatory scrutiny on platforms like eXch, which have been accused of enabling criminal activity by allowing the movement of stolen funds. The German authorities’ actions highlight the growing awareness of the challenges posed by cryptocurrency platforms and the need for increased regulation to combat illicit activities.