Operation “Final Exchange” Shuts Down 47 Illegal Crypto Exchanges
During a large-scale operation codenamed “Final Exchange,” German law enforcement authorities shut down 47 illegal cryptocurrency exchanges. These platforms offered digital asset exchange services without adhering to mandatory customer identification procedures, creating ideal conditions for laundering illicit funds.
The German Federal Criminal Police Office (BKA) reported that the seized exchanges were a crucial link in the chain of laundering proceeds from criminal activities. Among the clients of these services were hacker groups specializing in ransomware extortion, darknet traders dealing in illegal goods, and botnet operators.
Users attempting to access the now-closed exchanges are redirected to a special warning page. This page informs them that law enforcement has gained access to all the servers of these platforms, including operational, test, and backup environments. Police now possess data on transactions, registration information, and client IP addresses.
The largest of the closed exchanges were:
- Xchange.cash – over 410,000 users and 1,280,000 transactions
- 60cek.org – over 300,000 users and 900,000 transactions
- Bankcomat.com – over 250,000 users and 760,000 transactions
- Banksman.com – over 280,000 users and 750,000 transactions
- Prostocash.com – over 265,000 users and 470,000 transactions
- Multichange.net – over 185,000 users and 430,000 transactions
Investigators emphasized that the operators of these platforms had deceived their clients for years, assuring them of complete anonymity in their transactions. However, the reality turned out to be quite the opposite— all data was meticulously stored and will now be used to identify and prosecute individuals involved in illegal activities.
According to the BKA, the operators of the closed exchanges face criminal prosecution for money laundering and administering illegal online marketplaces. Under German law, such offenses carry penalties of imprisonment for several years.
Despite the successful execution of the operation, no arrests have been reported thus far. Law enforcement acknowledges that many of the identified cybercriminals are under protection in their home countries, complicating efforts to bring them to justice.
Undoubtedly, the closure of such a significant number of illegal cryptocurrency exchanges will deal a severe blow to cybercrime infrastructure. However, experts caution that new platforms may emerge to replace the dismantled ones, employing even more sophisticated methods to conceal their operations.
