German authorities have seized €34 million ($38 million) in cryptocurrency from eXch, a platform allegedly used to launder funds stolen during the $1.4 billion Bybit hack in February 2025. This operation marks the third-largest crypto confiscation in the history of Germany’s Federal Criminal Police Office (BKA).

The seizure, announced on May 9 by the BKA and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dash (DASH). Authorities also shut down eXch’s German server infrastructure, securing over eight terabytes of data.

eXch, operational since 2014, functioned as a “swapping” service, allowing users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures. The platform reportedly facilitated about $1.9 billion in crypto transfers, some believed to be of criminal origin, including assets laundered during the Bybit hack.

Crypto investigator ZachXBT linked eXch to laundering millions from other crypto thefts, such as Multisig, FixedFloat, and the $243 million Genesis creditor theft. He also noted eXch’s involvement in numerous phishing drainer services over the past few years.

Initially denying involvement in laundering funds from the Bybit hack, eXch announced it would cease operations by May 1, citing a hostile environment and misinterpretation of its goals.

Senior public prosecutor Benjamin Krause emphasized the importance of targeting anonymous money laundering avenues, stating that crypto swapping is a key component of the underground economy, used to conceal funds from illegal activities such as hacking or trading in stolen payment card data.

President Donald Trump was reportedly misled into endorsing Ripple’s XRP token as part of a proposed U.S. strategic cryptocurrency reserve, following a suggestion from a lobbyist associated with Ripple Labs.

According to a May 8 report by Politico, an employee of pro-Trump lobbyist Brian Ballard provided President Trump with a draft social media post recommending the inclusion of XRP, Solana (SOL), and Cardano (ADA) in a national crypto reserve. Trump subsequently shared the message on his Truth Social platform on March 2. It was only after the post went live that Trump learned of Ballard’s connection to Ripple, leading to his reported frustration and a decision to distance himself from the lobbyist.

Despite the initial misstep, President Trump proceeded to formalize the concept of a “Digital Asset Stockpile” by signing an executive order on March 6. This move signaled a shift in his administration’s approach to digital assets, aiming to position the United States as a leader in the cryptocurrency space.

Ripple’s ties to the Trump administration extend beyond this incident. Stuart Alderoty, Ripple’s chief legal officer, contributed over $300,000 to pro-Trump fundraising efforts during the 2024 election cycle. Both Alderoty and Ripple CEO Brad Garlinghouse met with then-President-elect Trump in January and attended his inauguration events. Additionally, Ripple donated $5 million worth of XRP to Trump’s inaugural fund and has been a significant contributor to Fairshake, a political action committee supporting pro-crypto candidates.

Following the announcement, XRP’s market performance remained relatively stable. As of the latest data, XRP is trading at approximately $2.31, reflecting a modest increase of 6.45% over the previous 24 hours.
The incident underscores the complex interplay between political influence and the cryptocurrency industry, highlighting the need for transparency and due diligence in policy-making processes.

Coinbase has announced its acquisition of Deribit, a leading crypto derivatives exchange, in a $2.9 billion deal aimed at expanding its global presence in the derivatives market. The transaction comprises $700 million in cash and 11 million shares of Coinbase Class A common stock, with the deal expected to close by the end of 2025, pending regulatory approvals.

Deribit, known for its significant trading volumes in Bitcoin and Ethereum options, recorded over $1.2 trillion in trading volume in 2024. The acquisition will enable Coinbase to integrate Deribit’s technology, enhancing its offerings in spot, futures, perpetuals, and options trading. This move aligns with Coinbase’s strategy to diversify its services and strengthen its position in the crypto derivatives market.

As part of the acquisition, Deribit’s founders, John and Marius Jansen, will step away from the company, marking the end of their joint venture that began in 2014. Deribit will continue its operations as usual until the deal is finalized.

Coinbase’s acquisition of Deribit reflects a broader trend of consolidation in the cryptocurrency industry, as exchanges seek to expand their product offerings and global reach. This strategic move positions Coinbase to capitalize on the growing demand for crypto derivatives trading among both retail and institutional investors.