Germany took a serious blow to the dark side of the cryptography and shut down its infamous exchange crypto exchange service. Authorities, including the Frankfurt Prosecutor’s Office (ZIT) and the Federal Criminal Police Station (BKA), have seized 34 million euros of digital assets and 8 terabytes of data, marking the country’s third largest crypto attack.
Why was 34 million euros seized?
The exchange, which has been operating since 2014, is said to be the central node of global cybercrime. On-Chain Thruce ZACHXBT revealed its relationship with high-profile crypto hacks, including a bi-bit multi-signature exploit and a $243 million Genesis creditor robbery. The platform, which refused to freeze stolen assets or cooperate with authorities, has become a paradise for cybercriminals.
Exchanges operate without surveillance, no KYC, no complete anonymity and become a hot spot for illegal activities. It is primarily advertised on DarkNet, allowing users to convert stolen or fraudulent coins into legitimate assets. Before the takedown, investigators estimated $1.9 billion had flowed through the platform. The exchange announced its voluntary closure on May 1, but law enforcement moved quickly and coordinated with Dutch authorities to secure evidence.
A new era of aggressive cryptography enforcement
This operation marks a new stage in international cryptography enforcement. German authorities emphasize that cybercrime has become an industrial operation and are now targeting criminals before they can act. The exchange takedowns have shown that cross-border enforcement agencies are leaving traces of blockchain.
This case sets precedents for aggressive data-driven actions against crypto laundering, sending strong messages to those using digital currency for illegal purposes.
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