Exchange in Germany closed in the middle of 38 million US dollars bybit Hack scandal

TLDR

• The German police closed the exchange and confiscated 34 million euros in crypto.
• The stock exchange was associated with the 1.4 billion bybit hack in 2025.
• The platform helped wash stolen cryptofonds.
• Beut has been operated without KYC or AML rules since 2014.
• This was the third largest crypto attack in the world.

The German law enforcement agencies have completed the stock exchanges of the cryptocurrency exchange platform as part of an investigation that is connected to the Bybit hack of 1.4 billion US dollars in 2025.

The operation was announced on May 9, 2025 by the German Federal Criminal Police Office (BKA) in coordination with Frankfurt's public prosecutor. According to BKA, this is the third largest cryptocurrency attack in the world in the world. The confiscated funds included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dash (Dash). The investigators also secured eight terabyte server data from the BAIR platform.

Exchange with the Bitbit Exploit and other cybercrime

The authorities suspect that stock exchanges played a role in the laundry of a part of the crypto assets in the Bitbit violation of February 21. The hack, which aimed at Bitbit's cold wallets, led to the theft of around 1.46 billion US dollars in ether. The investigators believe that the North Korean Lazarus group was responsible for the incident.

After the violation, a number of veiling techniques were used to hide the average movement. According to cybersecurity analysts and blockchain researchers, including the independent researcher ZachxBT, some of the stolen ether were exchanged by platforms such as stock exchanges and converted via chains and coins to avoid detection. The authorities have traced some of these funds to wallets associated with well -known cybercrimal networks.

History and operations of stock exchanges

Beut started operating in 2014 and acted as a crypto -swapping platform. It enabled users to exchange cryptocurrencies without knowing standard verification processes (KYC) or anti-money laundering (AML). Over the years, the platform has estimated more than 1.9 billion US dollars of crypto transactions.

The platform, which was operated under several domain names, including stock exchanges and was accessible via Clearnet and Darknet. The services were marketed to users who were aiming for anonymity and attracted individuals who dealt with illegal activities. The authorities stated that the lack of regulations for the regulations and the database made it an instrument for the laundry of digital assets.

Platform closed from voluntary closure

In mid -April 2025, stock exchange announced that it would complete its services by May 1st. The explanation published in a cryptocurrency forum cited increased surveillance and regulatory pressure as reasons for closure. However, the German authorities carried out the confiscation shortly before the self -imposed period of the platform and probably prevent final attempts to move illegal means.

The examination of the exchange also combines the platform with earlier cryptocurrency theft, including the Genesis believer of $ 243 million and several phishing options. Law enforcement agencies in Germany and the cooperation by Dutch colleagues continue to examine wider networks that may have used stock exchanges for illegal financial transactions.

Growing efforts to regulate crypto in Germany

The Takedown of Börsen follows a broader effort of the German supervisory authorities to combat money laundering through non -licensed digital financial platforms. At the end of 2024, the authorities closed 47 crypto exchanges and confiscated assets, including € 250,000 and several illegal Bitcoin money machines.

The supervisory authorities continue to emphasize the importance of the AML conformity within the digital asset sector. Platforms that do not meet these standards are increasingly targeted when criminal prosecution tries to reduce tools that are used in the digital underground economy.