German police seize 34 million euros in crypto coins

The German police have canceled a so -called crypto -wissing service and seized 34 million euros in crypto coins. According to the police, the service, Exch, was used by criminals to launch money white.

The service has existed since 2014. Criminals were able to exchange various crypto currency for other crypto currencies, for example bitcoins in exchange for Ethereum. That happened anonymously, they did not have to verify their identity and their data was not stored.

The people behind Exch are therefore suspected of money laundering and the exploitation of an online criminal trading platform.

The police have seized the servers of the service and therefore also secured crypto currency, worth 34 million euros. It is about the crypto coins Ethereum, Litecoin and Dash. “The size of this case shows that cyber crime is being committed on an industrial scale,” says Carsten Meywirth, director at the Bundeskriminalamt, the German national investigation service.

The German authorities expect that the information they received in this case will help in investigations into other cyber crime.

The German police worked closely with the Dutch tax intelligence and FIOD investigation service in this case. What exactly that cooperation consisted of is unclear. “In investigation information has been shared and unfortunately I can’t say anything about that,” said a spokesperson.