Germany Seizes $38M in Crypto Linked to Bybit Hack and eXch Shutdown

Germany Seizes $38 Million in Crypto from Bybit Hack-Linked eXch Exchange

German law enforcement has confiscated 34 million euros ($38 million) in cryptocurrency from the eXch platform, which is allegedly connected to laundering funds stolen in the Bybit exchange hack. The seizure, announced by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office on May 9, included multiple crypto assets such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dash (DASH). This marks the third-largest crypto confiscation in the BKA’s history, according to Cointelegraph.

The authorities also seized eXch’s German server infrastructure, which contained over eight terabytes of data, and shut down the platform. eXch, described as a “swapping” service, allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures. Operating since 2014, eXch reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack. The Bybit hack, which occurred on February 21, 2025, resulted in $1.5 billion being stolen, with a portion allegedly exchanged via eXch.

eXch was also implicated in laundering funds from other major crypto thefts, including Multisig, FixedFloat, and the $243 million Genesis creditor theft.
Security analyst ZachXBT reported that eXch refused to block addresses and freeze orders related to countless phishing drainer services over the years.

“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” said senior public prosecutor Benjamin Krause.

eXch announced it would cease operations by May 1, citing a hostile environment and ongoing law enforcement scrutiny. The crackdown highlights the growing focus on crypto platforms that operate without proper AML controls.

Amount Seized	$38 million (34 million euros)
Platform	eXch
Related Hack	Bybit ($1.5 billion stolen)
Operation Since	2014
Total Transfers Facilitated	$1.9 billion

Key Takeaway: German authorities have made one of their largest crypto seizures, targeting a platform at the center of several high-profile hacks and money laundering operations. (Source: Cointelegraph)

German Authorities Seize $37.4 Million in Assets from Shuttered Crypto Exchange eXch

German prosecutors have announced the seizure of $37.4 million (€34 million) in cryptocurrency and hardware from eXch, a platform accused of laundering proceeds from major crypto hacks, as reported by Decrypt. The confiscated items include crypto holdings, server hardware, and other digital infrastructure. The exchange allegedly operated without proper licenses and facilitated money laundering for North Korean threat actors linked to the Bybit hack in February.

Authorities stated that eXch processed transactions without implementing proper anti-money laundering controls, making it attractive for criminals seeking to obscure stolen funds. The platform’s services were accessible on both the clearnet and darknet and were advertised on criminal underground platforms. The exchange announced its closure last month after connections to multiple crypto thefts were revealed, but blockchain analytics firm TRM Labs claimed it continued to operate.

eXch was used to launder hundreds of millions from the Bybit hack, Multisig hack, FixedFloat exploit, and the $243 million Genesis Creditor theft, according to blockchain investigator ZachXBT.
In February, eXch was linked to North Korea’s Lazarus Group, which was involved in the Bybit hack that resulted in over $1.4 billion in stolen funds.
eXch refused to cooperate with Bybit’s requests to block and track stolen funds.

"Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities," said Dr. Benjamin Krause, chief public prosecutor at the German Central Office for Combating Cybercrime (ZIT).

Key Takeaway: The seizure underscores the international effort to combat crypto-related money laundering and the role of unregulated exchanges in facilitating large-scale thefts. (Source: Decrypt)

Coinbase Earnings and Market Performance: Revenue and Trading Volume Drop

Coinbase reported $2 billion in Q1 revenue, missing analyst expectations and down from $2.27 billion in Q4, according to CoinDesk. Trading volume dropped 10% to $393.1 billion, with transaction revenue declining 19% as market volatility failed to boost activity. The company’s earnings per share were $0.24, significantly below the average analyst estimate of $1.93 (FactSet data). Shares of Coinbase (COIN) fell nearly 3% in post-market trading after the report.

The crypto exchange attributed the weak quarter to a drop in crypto prices, which it linked to U.S. President Donald Trump’s tariff policy and macroeconomic uncertainty. Analysts at J.P. Morgan, Barclays, and Compass Point had already cut forecasts ahead of the report, citing weaker trading since January. Robinhood, a competitor, reported a 13% drop in transaction-based revenue in April. Despite the downturn, Coinbase’s $2.9 billion acquisition of derivatives exchange Deribit positions it as the new leader in global crypto options trading, overtaking Binance and other rivals.

Q1 Revenue	$2 billion
Q4 Revenue	$2.27 billion
Trading Volume (Q1)	$393.1 billion
Trading Volume Change	-10%
Transaction Revenue	$1.3 billion (-19% QoQ)
Earnings Per Share	$0.24
Analyst EPS Estimate	$1.93
Share Price Change	-3% (post-market)
Deribit Acquisition	$2.9 billion

Key Takeaway: Coinbase faces revenue and trading volume declines amid market uncertainty but is expanding its derivatives business with a major acquisition. (Source: CoinDesk)

Coinbase Stock Slides on Earnings and Outlook; Bitcoin Surges Above $100,000

Coinbase stock fell early Friday following its Q1 results, which included earnings of $0.24 per share, compared to $4.40 in the previous period, as reported by Investor's Business Daily. The earnings announcement came after news of Coinbase’s $2.9 billion deal to acquire Deribit, a crypto options platform. Meanwhile, the price of Bitcoin rallied above $100,000 for the first time since February.

The report highlights the contrast between Coinbase’s financial performance and the broader crypto market, where Bitcoin has reached new highs. The acquisition of Deribit is seen as a strategic move to strengthen Coinbase’s position in the derivatives market.

Coinbase’s Q1 earnings: $0.24 per share
Previous period earnings: $4.40 per share
Bitcoin price: Surged above $100,000
Deribit acquisition: $2.9 billion

Key Takeaway: Despite a sharp drop in earnings, Coinbase is making bold moves in the derivatives space, while Bitcoin’s price surge provides a positive backdrop for the industry. (Source: Investor's Business Daily)

Coinbase Expects Lower Subscription Revenue and Faces Broader Challenges

Coinbase Global Inc. reported a disappointing quarter, attributing the results to a drop in cryptocurrencies and broader market declines due to tariffs and economic uncertainty, according to MarketWatch. First-quarter sales missed Wall Street’s expectations and were lower compared to the previous quarter. The company also reported a steeper quarter-on-quarter drop for its transaction revenue and forecasted lower current-quarter subscription sales.

The company’s performance reflects the challenges facing the crypto industry amid shifting macroeconomic conditions and regulatory uncertainty. Coinbase’s outlook for the next quarter remains cautious, with expectations of continued pressure on subscription and transaction revenues.

Q1 sales missed expectations
Sales and transaction revenue declined quarter-over-quarter
Lower subscription revenue expected in the current quarter

Key Takeaway: Coinbase is navigating a challenging environment with declining revenues and a cautious outlook for the near future. (Source: MarketWatch)

Tom Brady, Stephen Curry, and Other Celebrities Mostly Off the Hook from FTX Fallout

A Florida federal judge has dismissed most of the claims against celebrities and influencers who promoted the now-defunct cryptocurrency exchange FTX, according to qz.com. Notable figures such as Tom Brady, Gisele Bündchen, Kevin O’Leary, and Stephen Curry were among those who endorsed FTX, which collapsed in 2022, causing investors to lose billions. The lawsuit alleged that these celebrities failed to perform due diligence before marketing FTX products to the public.

However, U.S. District Judge K. Michael Moore found that the plaintiffs failed to show that the celebrities and YouTubers named in the lawsuit had sufficient knowledge of FTX and CEO Sam Bankman-Fried’s business to be held liable. According to a New York Times report, Brady received $30 million in now-worthless stock for his promotional efforts, while Bündchen received $18 million in stock. FTX’s collapse resulted in a loss of $10 billion in customer funds and contributed to a broader market downturn, with Bitcoin’s price dropping below $18,000 at the time.

Most claims against FTX-promoting celebrities dismissed
Brady received $30 million in FTX stock; Bündchen received $18 million
FTX collapse led to $10 billion in customer losses and a $1 trillion market downturn

Key Takeaway: The court’s decision largely absolves high-profile endorsers of FTX from liability, despite the massive losses suffered by investors. (Source: qz.com)

Sources: