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German Authorities Freeze $38M in Crypto Crackdown—Platform Allegedly Funneled Bybit and Genesis Hack Funds

German Authorities Freeze $38M in Crypto Crackdown—Platform Allegedly Funneled Bybit and Genesis Hack Funds

Author:
Coindesk
Published:
2025-05-09 09:42:29
20
3

Germany Seizes $38M From Crypto Platform Suspected of Laundering Bybit, Genesis Hack Proceeds

German prosecutors just made crypto criminals’ lives harder—seizing $38 million from a platform accused of laundering proceeds from the Bybit and Genesis exchange hacks.

• The Takeaway: Berlin’s financial crime unit strikes again, proving even decentralized loot leaves a paper trail.

• Between the Lines: Another day, another ‘anonymous’ crypto operation learning the hard way that regulators keep master keys too.

• The Kicker: Yet another reminder that in crypto, the only thing truly ‘decentralized’ is the distribution of jail time.

|Square

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