German authorities seized over $38 million in crypto assets

Germany's Federal Criminal Police Office, in cooperation with Dutch law enforcement, conducted a raid to dismantle the illegal cryptocurrency exchange known as eXch. During the search and seizure, assets worth 34 million euros (nearly $38.15 million) were confiscated.

The platform, which had been operating since 2014, facilitated the exchange of Bitcoin, Ethereum, Litecoin and Dash via both the regular Internet and the DarkNet. Investigators estimate that eXch processed transactions totalling $1.9 billion over the course of its business activity. The investigation also uncovered the platform's role in laundering funds from the Bybit during a hack in February this year. 

The operators of eXch had intended to shut down the service on May 1, but law enforcement agencies intervened a day earlier than planned. The frozen assets consist of multiple cryptocurrencies that were used for illicit financial activities.