German authorities have taken down the crypto exchange eXch, seizing 34 million euros ($38 million) in tokens and over 8 terabytes of data in one of the largest law-enforcement actions against suspected crypto laundering in the country.

The Frankfurt Public Prosecutor’s Office and the Federal Criminal Police Office (BKA) dismantled eXch’s server infrastructure on April 30, just a day before the platform’s operators had planned to shut it down. The authorities alleged that the platform was involved in laundering hundreds of millions in stolen crypto from major breaches, including the $1.5 billion Bybit hack, the $243 million Genesis creditor theft, and various phishing drainer campaigns.

According to a statement released on Thursday, the platform did not implement anti-money laundering measures and did not require users to identify themselves or store user data. This made crypto swapping through eXch ideal for concealing financial flows, as it specifically catered to criminal underground platforms.

eXch, which has been in operation since 2014 under various domains, has long been accused of intentionally disregarding anti-money laundering protocols, maintaining no user identification requirements, and promoting itself as an anonymous and high-speed crypto-mixing service on darknet forums.

The platform facilitated exchanges between bitcoin (BTC), ether (ETH), litecoin (LTC), and dash (DASH) without the need for registration. Investigators estimate that over $1.9 billion in crypto passed through eXch, with much of it believed to be illicit proceeds.

This crackdown is part of the ongoing efforts to curb illicit crypto activities in Europe, following similar actions against services like ChipMixer, Sinbad, and Hydra over the past couple of years.