German authorities ended the activities of the crypto currency platform Exch and carried out a comprehensive cyber operation. It was announced in the operation that approximately 34 million euros were seized crypto currency and more than 8 terabytes were collected. The intervention is thought to be one of the largest attempts for illegal use of crypto currencies in the country.
Background of the investigation
The operation carried out by the Frankfurt Chief Public Prosecutor’s Office and the Federal Criminal Police Department (BKA) resulted in the distribution of Exch’s server infrastructure on 30 April. This intervention took place the day before the date of closing the site of the platform. In a statement made by the authorities, the EXCH platform played a major role in the launch of criminal revenues and the assets obtained from major data violations were carried over this platform.
The Frankfurt Chief Public Prosecutor’s Office and the Federal Criminal Police Department (BKA): “The platform stated that it did not apply measures to laundering in the crime economy, especially in the criminal economy, and did not demand identity from users. Crypto currency transfers on Exch was particularly appropriate to hide financial paths.”
It was claimed that the platform has been operating under Exch (DOT) CX and similar domain names for nearly ten years and could be used to launder illegal crypto currencies from numerous different attacks. Recently, the platform; It has been suggested to be linked to cases such as large cyber attacks in Bybit, Genesis Creditor events and numerous fishing operations.
Operation and security deficits
Exch’s, Bitcoin $103,267.87Ethereum 
$2,348.49Litecoin 
$99.33 and Dash, such as different crypto currencies without user registration was found to be found. It was emphasized that the platform did not collect user identity information and did not store data. For this reason, crypto currency transfers could be performed by preserving identity confidentiality.
According to the detection of the authorities, the platform was introduced in the dark network forums claiming to provide anonymous and fast service. As a result of suspicious transactions, it was claimed that the platform took part in the transfer of crypto currency worth approximately $ 1.9 billion. Authorities claim that most of the transfers may be related to illegal activities.
Increased regulatory activities in Europe
This operation in Germany has been regarded as a part of the increasing regulatory actions regarding the illegal use of crypto currencies throughout Europe in recent years. Previously, similar operations were carried out for platforms such as Chipmixer, Sinbad and Hydra. It is stated that such regulations may play an important role in preventing illegal activities associated with crypto currencies.
Authorities, within the scope of the operation of the platform’s technical infrastructure and user traffic for a large -scale data examination announced. This application is thought to be a precedent on similar platforms.
The operation in Germany shows the seriousness of the measures taken in the fight against illegal activities in the field of crypto currency. It is stated that the tightening of legal regulations and the struggle against such formations are effective. The sector warns that it may face more comprehensive inspections in the future to ensure the security of digital financial systems.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
