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.

Japanese investment firm Metaplanet is intensifying its Bitcoin acquisition strategy by issuing $21.25 million in zero-coupon bonds, with all proceeds earmarked for purchasing more Bitcoin. This move follows closely on the heels of its recent $53.4 million investment to acquire 555 BTC, bringing its total holdings to 5,555 BTC.

The newly issued bonds, termed “0% Ordinary Bonds,” offer no interest to holders and are typically sold at a discount, maturing at full face value. Metaplanet plans to allocate these bonds to EVO Fund, an investment management firm based in the Cayman Islands, with a redemption date set for November 7.

At current Bitcoin prices, the funds raised could enable the purchase of approximately 206 BTC, further solidifying Metaplanet’s position as Asia’s largest public corporate holder of Bitcoin and the 11th largest globally.

In addition to its aggressive acquisition strategy, Metaplanet announced plans on May 1 to establish a wholly owned U.S. subsidiary, Metaplanet Treasury, based in Florida. The subsidiary aims to raise up to $250 million to further its Bitcoin strategy and tap into U.S. capital markets.
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Metaplanet’s stock (3350T) has experienced a significant surge, increasing over 1,600% in the past year, reflecting investor confidence in its Bitcoin-centric approach.

This latest bond issuance underscores Metaplanet’s commitment to expanding its Bitcoin reserves, aligning with a broader trend of corporations integrating cryptocurrency into their treasury strategies.

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.