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German Authorities Freeze $38M in Crypto Crackdown—Linked to Bybit and Genesis Hacks
German Authorities Freeze $38M in Crypto Crackdown—Linked to Bybit and Genesis Hacks
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German prosecutors just made crypto’s naughty list—seizing $38 million from a platform accused of laundering funds tied to major exchange hacks.
Behind the bust: Investigators traced dirty money flowing from the 2022 Bybit breach ($35M stolen) and Genesis Capital’s collapse. The unnamed platform allegedly served as a high-speed car wash for digital assets.
Why it matters: This marks Europe’s latest move to police crypto’s wild west—while Wall Street still can’t decide if Bitcoin is an inflation hedge or a crime accessory.
The punchline: Nothing launders money like bureaucracy—the seized funds will now sit in government wallets for years awaiting trial.
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