• Germany will seize 34 million euros in crypto after shutting down its darknet and linked swap platform trade
• Crypto Flows handles $1.9 billion exchanges, tied to the theft of Bybit Hack and Genesis Belongings
• Police in Germany and the Netherlands are presently investigating hyperlinks to exchanges to a wider vary of crypto-cybercrime networks

German legislation enforcement halted the Crypto Swapping service trade on April 30, seizing 34 million euros of belongings and eight terabytes of information. The transfer adopted suspicions of economic cash laundering and darknet operations, in response to a press launch. Authorities consider the service has helped to cowl up massive unlawful monetary flows.

Frankfurt was led by the key prosecutor’s workplace, the Federal Felony Police Company (BKA), and the Central Workplace for the Preventing Web Crime (ZIT).

Associated: FBI: North Korean “dealer dealer” gang behind $1.8 billion buybit hack

Authorities confiscated Bitcoin, Ethereum, Litecoin and Sprint, with an estimated whole of 34 million euros. The seizing of greater than eight terabytes of platform information marks the third largest cryptocurrency confiscation in BKA historical past.

Alternate: Nameless Cipher Swap Hub since 2014

The trade, launched in 2014, allowed customers to trade cryptocurrency with out verifying their identification. The platform labored on each ClearNet and Darknet and was marketed on underground boards.

No consumer registration was required. In consequence, investigators mentioned the service has grow to be a device to cover monetary transactions.

Platform linked to Bibit Hack, $1.9 billion unlawful move

Authorities consider the trade has facilitated a transfer in funding associated to legal exercise. Since its launch, an estimated $1.9 billion in crypto has flowed via the platform.

Crypto Sleuth Zachxbt suspects {that a} portion of the $1.5 billion stolen from Bibit Alternate in February 2025 was changed. The $243 million stolen within the Genesis creditor case can also be linked to the platform.

Authorities additionally criticize the platform’s refusal to freeze stolen belongings and assist legislation enforcement, calling it a legal paradise. Investigators are presently analyzing doable connections to different cybercrimes.

Authorities probed deliberate shutdowns, wider cybercrime hyperlinks

The workforce introduced the deliberate closure on Could 1, however authorities acted early. They moved shortly to safe proof, crypto wallets and database information.

Particularly, German officers labored with the Dutch Tax Investigation Company (FIOD) in the course of the seizure. Officers say this information could assist to disclose different unlawful operations associated to the trade.

Associated: After the Bybit Hack, European regulators surprise if OKX is concerned

In the meantime, investigators are reviewing info on the broader cybercrime community leads. Extra authorized motion could proceed primarily based on the proof collected.