Superstate CEO Launches Platform To “Replace Crypto Assets With Equities” – SOL Strategies Makes First Bet!

Superstate Launches New Platform To Bring SEC Registered Shares OnChain

Superstate New Platform:- The tokenization of Real World Assets is the biggest bet that the web3 firms are focusing as of now.

In another groundbreaking update, the Solana Infra company, SOL Strategies, has announced its plan to bring registered shares On-chain.

For this, SOL Strategies has team up with Superstate to bring its SEC-registered public equities and get them trading on blockchain networks.

This comes after on Thursday, Superstate launched a platform – Opening Bell. It allows companies to issue SEC-registered shares directly onto blockchain.

Superstate’s New Platform – Opening Bell

Superstate last month in March unveiled its transfer agent with the US Securities and Exchange Commission – Superstate Swrvices LLC. Using this SEC-registered transfer agent, it will record and tokenize the actual shares of the companies via Opening Bell.

According to the company’s blog post, for already publicly traded companies, it will open a new capital market all while maintaining compliance with existing securities regulations.

For companies not yet public, it will allow them to start trading in the crypto market and raise from crypto investors. They will also have a future option to move to traditional stock exchanges like the Nasdaq or NYSE.

Superstate’s Opening Bell platform aims to modernize capital markets by offering features such as 24/7 trading, instant settlement, and global accessibility.

Thus, the platform is designed to support both existing public companies and late-stage private firms seeking more flexible access to liquidity.

SOL Strategies Makes First Bet on Superstate’s Platform

The first company to utilize Opening Bell is SOL Strategies. As a Canada-based firm focused on investing in and providing infrastructure for the Solana blockchain ecosystem, SOL Strategies is listed on the Canadian Securities Exchange (CSE) with Ticker symbol HODL

SOL Strategies plans to list its shares on the platform. This marks a significant step towards integrating traditional equity markets with blockchain technology.

Interestingly, the announcement comes after SOL Strategies acquired 122,524 $SOL on May 6.

Chart
SOL Strategies Stock

Also Read: US Treasury Slam Senate For Blocking GENIUS Act

Can it Replace the Current Crypto Assets Trading on Blockchain

Superstate CEO Robert Leshner said in a recent interview, “Opening Bell aims to bring traditional public equities into Blockchain.”

It will allow investors to trade the publicly listed shares of equities on traditional exchanges as well as on the blockchains like Solana, Ethereum.

CEO Robert also said, “there is also an opportunity to replace the assets that are trading currently – mostly memecoins and crypto native tokens – and complement them with new asset – equity.

Indeed, this  can be a transformative shift in the kind of assets available for trade on blockchains. They’re generally memecoins and native crypto assets of the respective blockchains.

However, crypto assets like Bitcoin, Ethereum, stablecoins, DeFi tokens exist to store value. They fuel decentralized apps and protocols, collateralize loans, pay transaction fees, govern networks, etc.

While tokenized shares are ownership stakes in real‐world companies. They’re regulated just like the paper or book‑entry shares we’d buy on a traditional exchange. With Superstate’s Opening Bell, they will only now they live on‑chain.

Thus, Opening Bell isn’t designed to “wipe out” existing crypto‑asset trading. It will simply add a whole new asset class (tokenized public shares) to the same blockchains where we already trade ETH, BTC, stablecoins, etc.

Also Read: Jeffy Yu Death Controversy

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BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal

BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal

Binance Coin (BNB) price eyes massive gains past $700 after fees on the BSC Chain dropped by 90% after a recent proposal filed by Changpeng Zhao (CZ) passed. The declining fees have seen the blockchain hit a one-year milestone, making the case for a sustained upward trend.

At press time, BNB trades at $634 with a 3% gain in 24 hours. Its gains follow a strong bullish momentum across the broader crypto market as Bitcoin price topped $100,000, pushing altcoins higher.

BNB Price Targets $700 as Two Bullish Patterns Emerge

BNB price may be on the verge of an upswing towards $700 as teased by the double-bottom pattern formation on the daily chart. The bullish trend depicted in this pattern will be confirmed if the coin can overcome resistance at the $644 neckline, as this will unlock the next bullish leg.

The target price for this double-bottom pattern is $732, and if the coin can reach this point, BNB eyes gains past $1,000.

The double-bottom pattern is not the only indicator of a strong bullish sentiment, as BNB has also flipped resistance at the upper trendline of a symmetrical triangle. This also supports a bullish Binance Coin price prediction that a rally to all-time highs is looming.

BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal
BNB/USDT: 1-day Chart

Meanwhile, technical indicators, including the AO histogram bars and the MACD, show that bears are no longer in control as the bullish momentum grows strong.

Binance Chain Fees Drop 90% After CZ Proposal

The recent decline in gas fees on the Binance chain may be the catalyst for the next BNB price rally towards all-time highs. Data from BSC Scan shows that the blockchain’s fee has dropped by 90% from 1 gwei to 0.1 gwei.

BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal
Binance Chain Fees

This decline comes a few days after Binance founder Changpeng Zhao suggested that the network’s fees be lowered 3x or 10x. The current gas fees on the BNB chain are now 40x times lower than the 4 gwei on Ethereum, according to data from etherscan.

The declining fees have not only bolstered bullish sentiment towards the BNB price but also increased network usage. Data from DeFiLlama shows that the network’s Total Value Locked (TVL) has increased past $8 billion to the highest level since January 2024.

BNB Price Targets $700 as Binance Chain Fees Drop 90% After CZ Proposal
BNB Chain DeFi TVL

At the same time, the total DEX volumes on the Binance Chain have soared to a six-week high of $2.12 billion. As the network’s usage and activity continue to rise, the price of Binance Coin will record a significant uptrend.

Therefore, as the fees on Binance Chain drop by 90% to 0.1 gwei, the network has recorded a notable surge in activity, which translates to gains for the BNB price. Moreover, the double-bottom pattern formation alongside a symmetrical triangle hints that the coin is on the verge of a major bullish breakout that may propel it past $700.

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US China Trade War: Donald Trump Makes U-turn, Proposes 80% Tariffs

US-China Trade War: Donald Trump Proposes 80% Tariff Ahead May 10 Talks

Ahead of the much-anticipated May 10 US China trade war talks, US President Donald Trump seems to have extended an olive branch by proposing to lower tariffs to 80%. However, the president indicated that any move to reduce tariffs will depend on how negotiations go between the US Treasury Secretary and his Chinese counterpart.

Trump Proposes To Lower Tariffs Ahead US China Trade War Talks

In a Truth Social post, the US president stated that an 80% tariff on China seems right. He added that this proposal is up to Scott Bessent, indicating that Saturday’s talks could determine whether they make this move or not.

During a press conference in which he announced the US-UK trade deal, Donald Trump also commented on the negotiations with China, stating that he believes they would have good talks and possibly reach an agreement. He then raised the possibility of lower tariffs on China, remarking that they may lower tariffs if talks go well.

This president looks to have taken a softer stance just two days after he ruled out a tariff concession for China. When asked during a press briefing, he dismissed the possibility of rolling back the 145% tariff on Chinese goods.

Meanwhile, in another Truth Social, Trump demanded a show of good faith from China, requesting that the country open up its market to the USA. He added that this would be “so good” for them, as closed markets no longer work.

The president seems to be eyeing a similar deal to the one they struck with the UK. The UK agreed to open up its markets to US goods as part of the agreement between both countries. Ahead of the May 10 US China trade war talks, China has remained silent and refused to discuss any potential agreement with the US.

However, the Bitcoin price and the broader crypto market are already reacting positively to the Saturday talks. BTC has since surged past the $100,000 mark following news of the May 10 negotiation between both heavyweights.

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Why is Crypto Market Going Up and Price Predictions on Uniswap, Floki, Fartcoin

Why is Crypto Market Going Up and Price Predictions on Uniswap, Floki, Fartcoin

The crypto market rallied today, May 9, continuing a trend that has been going on in the past few days. This surge happened as the crypto fear and greed index turned green and as the macroeconomic risks on trade subsided. This article explains why the cryptocurrency market is going up and then provides price predictions for some of the top gainers like Uniswap (UNI), Floki (FLOKI), and Fartcoin (FARTCOIN).

Why the Crypto Market is Going Up

The crypto market is going up, with Bitcoin hovering above $102,000, and Ethereum soaring above $2,400 for the first time in months. Consequently, the market cap of all coins has jumped by 5.25% in the last 24 hours to $3.25 trillion. This surge happened for three key reasons:

  • Falling macro risks as trade talks start.
  • Increased crypto accumulation.
  • Coinbase and Deribit deal.

The main reason why the cryptocurrency market is going up is the falling macro risks as trade talks start. The US has already reached a trade deal with the UK, and talks with China will start on Saturday. As such, there is rising optimism that GDP risks will subside, clearing a path for the Federal Reserve to start cutting rates.

Third-party data show that investors are accumulating Bitcoin, hoping that the coin will keep surging. Inflows to Bitcoin ETFs have soared to over $40.8 billion this year, and have risen in the last two consecutive months. Spot Ethereum ETFs have also started seeing more inflows this week.

Further, crypto-related deals are rising this year. Coinbase acquired Deribit on Thursday, while Ripple Labs recently bought Hidden Road and made a bid for Circle, the second-biggest stablecoin issuer. Kraken has also acquired NinjaTrader, while Robinhood bought BitStamp last year. These actions have led to optimism that the crypto market is on a strong growth path.

Top Crypto Price Predictions: Uniswap, Floki, and Fartcoin

This section provides price predictions for some of the top-performing coins in the crypto market like Uniswap, Floki, and Fartcoin.

Uniswap Price Forecast: Giant Double-Bottom Forms

The daily chart shows that Uniswap price bottomed at $4.673 this month. It formed a small double-bottom pattern whose neckline was at $6, where it has moved above. Looking back, the coin has formed a giant double-bottom at $4.63, where it has failed to move below since August last year. The neckline of this pattern is at $19.47.

Therefore, the most likely Uniswap price forecast is bullish, with the first target being at $12. This target is the 50% Fibonacci Retracement level and the highest level on June 16, which is 91% above the current level. A drop below the support at $4.6 will invalidate the bullish outlook.

Uniswap price
Uniswap price

Fartcoin Price Technical Analysis: Rising Wedge and Falling ADX is a Risk

Fartcoin has been one of the top performers in the crypto market as it jumped by almost 500% from its March lows. It has continued rising and is now nearing the 50% retracement level.
The risk, however, is that the rally is losing momentum as the Average Directional Index (ADX) has tilted downwards. Also, the token has formed a rising wedge pattern, a reversal sign.

Therefore, there is a risk that it may pull back and possibly move below $1 in the next few days. A clear break above the upper side of the wedge will invalidate the bearish Fartcoin forecast.

Fartcoin price
Fartcoin price

Floki Price Analysis: Flips Key Resistance

The daily chart shows that the Floki price formed a big falling wedge pattern in the first quarter. After this, the coin formed an inverse head and shoulders pattern. It has now moved above the key resistance level at $0.0000962, the highest swing on April 30, and where it was forming a small double-top pattern.

The most likely Floki forecast is bullish, with the next point to watch being at $0.00011, the lowest swing on November 3.

Floki price
Floki price chart

Will the Cryptocurrency Market Rally Continue?

There is a likelihood that the crypto market rally will continue as risks ease and Bitcoin demand surges. However, there may be volatility if US and China talks don’t end well.

The post Why is Crypto Market Going Up and Price Predictions on Uniswap, Floki, Fartcoin appeared first on CoinGape.

BREAKING: Gemini Receives License To Offer Crypto Derivates Product in Europe

Gemini Europe License

Gemini Expands:- The leading Winklevoss Bros’ led crypto Exchange Gemini has announced its expansion in Europe.

In the latest update, Mark Jennings, Head of Europe, has announced that the exchange has received regulatory license to offer its crypto derivatives products across the EU.

Gemini has received Markets in Financial Instruments Ditector or MiFID II license. This comes only 24 hours after Coinbase acquired the derivates platform Deribit in $2.9 billion deal – implying the ongoing race in derivates segment.

Gemini Expands in Europe

With the license from the Malta Financial Services Authority (MFSA), Gemini will be offering its perpetual futures and other derivates products in EU.

According to the announcement, the derivates services will be available to both retail and institutional users in the EU.

Interestingly, MiFIDII license, received by Gemini, governs how investment firms and trading venues operate across the EU and EEA.

Coming into force on January 3, 2018, it isn’t a single “license” but a comprehensive EU regulatory framework.

Accorrding to the Eurosif website, once a firm holds a MiFID II license in one member state, it can “passport” its services into other EU/EEA jurisdictions. After this license, the firm doesn’t requires separate local authorizations.

Race Heating Up in Derivates

Competition in the crypto derivatives space is heating up. This year, Coinbase also secured its MiFID II license by acquiring the Cypriot arm of BUX and rebranding it as Coinbase Financial Services Europe Ltd. It enabled the exchange to passport its services across the EEA.

Kraken has similarly pursued a license through a Cypriot acquisition, and others like Crypto.com have entered the CFDs market via regional brokerage purchases.

In the past 24 hours only, total trading volume across major derivatives venues have reached $240.2 billion. According to Coinglass Data, this is up by 4.16 % from the previous day.

From January 1 to March 31, cumulative derivatives volume totaled $21.0 trillion, with an average daily volume of $233 billion.

Also Read: Key Cardano Levels

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This New Cryptocurrency Could Outperform XRP and MATIC — Best Crypto to Buy Before June?

mutuum-finance-xrp (2)

The post This New Cryptocurrency Could Outperform XRP and MATIC — Best Crypto to Buy Before June? appeared first on Coinpedia Fintech News

The crypto market in 2025 is no longer just about riding the waves of the biggest names. Investors are zooming in on projects that offer real-world functionality and potential for outsized gains. Two of the most established altcoins, XRP and MATIC, are still staples in most portfolios — but their explosive growth phases may already be priced in. That’s why a growing number of analysts and early investors are watching Mutuum Finance (MUTM) — a low-cap DeFi project that’s starting to stand out for all the right reasons.

Mutuum Finance has remained under the radar so far, but that may not last much longer. The fourth stage of its ongoing presale has already generated over $7.75 million, highlighting strong investor interest. The price per token is fixed at $0.025 for now, though more than 65% of this round is complete. Once this phase wraps, the price climbs to $0.03, with a confirmed launch value of $0.06 — making now one of the last chances for early entry.

Mutuum Finance (MUTM)

At its core, this decentralized protocol is designed to help users do more with the assets they already own. Rather than encouraging investors to sell their holdings to access capital, Mutuum allows them to deposit crypto like ETH, SOL, or stablecoins and borrow other assets in return. The platform uses smart contracts to handle these operations without third-party control — making the entire process non-custodial and transparent.

Where things get even more interesting is Mutuum’s approach to token utility and sustainability. The protocol generates fees through lending activities, and instead of simply collecting those fees, it puts them to work — by buying MUTM tokens on the open market and sending them to engaged participants. This model supports a flow of passive rewards tied directly to real usage, which is increasingly appealing to long-term holders looking for more than just price speculation.

Mutuum isn’t just about convenience — it’s built with scalability in mind. The developers have announced that the platform will run on Arbitrum, a Layer 2 network known for reducing congestion and improving transaction efficiency. But rather than relying on general L2 benefits, the team is implementing its own tech solutions to further lower costs. For example, by compressing transaction data and assigning compact asset identifiers, Mutuum minimizes network load — which makes a big difference when the platform begins scaling.

The smart contracts are undergoing a full audit by CertiK, one of the leading names in blockchain safety reviews. That should give more confidence to investors who have seen too many DeFi platforms launch without proper safeguards in place.

Unlike many other projects that delay product rollout, Mutuum intends to launch a beta version of its platform at the same time MUTM becomes available on exchanges. That means users will have immediate access to real features like lending, borrowing, and earning protocol-based returns — all while the token is still fresh to market.

For comparison, XRP’s current structure still revolves heavily around legacy remittance narratives, and MATIC — despite strong technology — is dealing with market saturation and slower growth forecasts. MUTM, on the other hand, is entering with a clean slate, solid mechanics, and increasing buzz from those seeking the best cryptocurrency to invest in now.

Some experts say the token could reach up to $0.30 or higher in the early stages, and longer-term estimates go even further. Based on platform fundamentals and projected user activity, it’s not out of the question that MUTM becomes a strong contender for the next wave of blue-chip DeFi coins. 

mutuum-finance

For example, an investor who commits $1,800 now at $0.025 could be looking at a position worth over $43,000 when the token reaches $0.60 — even before the often-discussed $1+ milestones are achieved.

In summary, while tokens like XRP and MATIC have already delivered their early returns, Mutuum Finance is still at the starting gate — with the tools, community support, and token model to go much further. As we move into June, the window to get in before the next presale jump is narrowing. For anyone scanning the market for the next breakout project, MUTM is worth a serious look.

For more information about Mutuum Finance (MUTM) visit the links below:

Website: https://www.mutuum.finance/

Linktree: https://linktr.ee/mutuumfinance

The post This New Cryptocurrency Could Outperform XRP and MATIC — Best Crypto to Buy Before June? appeared first on Coinpedia Fintech News
The crypto market in 2025 is no longer just about riding the waves of the biggest names. Investors are zooming in on projects that offer real-world functionality and potential for outsized gains. Two of the most established altcoins, XRP and MATIC, are still staples in most portfolios — but their explosive growth phases may already …

Brazil’s B3 Exchange to Launch ETH and SOL Futures, Reduces Bitcoin Contract Size

Bitcoin Price Advances to $100K-Has The BTC Bull Run Begun Here are the Potential Highs for this Cycle

The post Brazil’s B3 Exchange to Launch ETH and SOL Futures, Reduces Bitcoin Contract Size appeared first on Coinpedia Fintech News

Brazil’s B3 stock exchange will roll out Ethereum (ETH) and Solana (SOL) futures contracts on June 16, after getting approval from the securities regulator CVM. The new contracts will be USD-denominated, with sizes set at 0.25 ETH and 5 SOL each. In a move to boost market liquidity, B3 will also reduce the size of its Bitcoin futures contracts from 0.1 BTC to 0.01 BTC, making it more accessible for traders and increasing market participation.

The post Brazil’s B3 Exchange to Launch ETH and SOL Futures, Reduces Bitcoin Contract Size appeared first on Coinpedia Fintech News
Brazil’s B3 stock exchange will roll out Ethereum (ETH) and Solana (SOL) futures contracts on June 16, after getting approval from the securities regulator CVM. The new contracts will be USD-denominated, with sizes set at 0.25 ETH and 5 SOL each. In a move to boost market liquidity, B3 will also reduce the size of …

“It Was a Vote Against Trump”: Tim Scott Blames Democrats for Stablecoin GENIUS Act Failure

The post “It Was a Vote Against Trump”: Tim Scott Blames Democrats for Stablecoin GENIUS Act Failure appeared first on Coinpedia Fintech News

The U.S. just stumbled on what could have been a breakthrough moment for crypto but somehow, fumbled it. Yes, you read that right.

The Senate’s decision to block the GENIUS Act stalled stablecoin regulation and also set off a firestorm. From the Treasury Secretary to top crypto voices, the backlash was immediate and loud.

What was shaping up to be a rare bipartisan win has now turned into a mess of political finger-pointing. Here’s what it has boiled down to: accusations of corruption, crypto power plays, and a fight over who really controls the future of digital assets in America.

Is politics to blame for it all? Let’s understand.

Is the Senate Playing Dirty Politics? 

The GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins Act, had cleared early hurdles with bipartisan support. It aimed to create a clear federal framework for stablecoins and was seen as a meaningful step forward for crypto innovation in the U.S.

But that changed on May 8, when the bill failed to reach closure in the Senate. 

Senate Banking Committee Chairman Tim Scott didn’t hold back. He blamed Democrats for backing away at the last moment, claiming they prioritized political optics over progress.

“Instead, we witnessed a disappointing display of political gamesmanship that puts partisan politics above policy, and obstruction above innovation,“ Scott said.

He argued the real motive was to deny President Trump a win in the digital asset space.

“It was a vote against President Trump and President Trump’s legislative agenda. It was a vote to stop President Trump from having a victory in the digital asset space.“

Treasury Sounds the Alarm 

Not long after the vote, Treasury Secretary Scott Bessent joined the criticism. He warned that the Senate’s move sends the wrong message globally at a time when digital assets are racing ahead.

“For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”

Meanwhile, the Anti-Crypto Front Gets Louder 

While one camp pushes for stablecoin clarity, another is busy building walls.

Democrats recently introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aimed at preventing federal officials from profiting off memecoins. And earlier this week, Senators Jeff Merkley and Chuck Schumer dropped the End Crypto Corruption Act.

That bill seeks to ban the president, vice president, Congress members, senior officials, and their families from benefiting financially from crypto assets – including stablecoins and memecoins.

Senator Elizabeth Warren echoed the concern in a comment to CBS News, arguing that Democrats on both sides of the GENIUS vote “agree that green-lighting Donald Trump’s corrupt stablecoin deals is wrong.”

The claws are out, it seems. 

Industry Wants Action, Not Politics

Crypto voices outside Washington also spoke up. Galaxy Digital CEO Mike Novogratz called on the Senate to get back to the table.

Many in the industry agree. With regions like Europe already rolling out frameworks like MiCA and Asian markets moving fast, the U.S. now looks increasingly indecisive.

A Missed Opportunity with Real Consequences

Without clear rules, stablecoin innovation remains stuck with no answers. 

Developers face uncertainty, major players stay cautious, and the U.S. risks losing its edge to more agile jurisdictions. The GENIUS Act may be down for now, but the bigger question remains: can the U.S. afford to keep stalling while the rest of the world moves forward?

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

The post “It Was a Vote Against Trump”: Tim Scott Blames Democrats for Stablecoin GENIUS Act Failure appeared first on Coinpedia Fintech News
The U.S. just stumbled on what could have been a breakthrough moment for crypto but somehow, fumbled it. Yes, you read that right. The Senate’s decision to block the GENIUS Act stalled stablecoin regulation and also set off a firestorm. From the Treasury Secretary to top crypto voices, the backlash was immediate and loud. What …

StakeStone and WLFI Join Forces to Boost USD1 Stablecoin Liquidity

The post StakeStone and WLFI Join Forces to Boost USD1 Stablecoin Liquidity appeared first on Coinpedia Fintech News

StakeStone has teamed up with the Trump family’s crypto project, WLFI, to offer cross-chain liquidity support for the USD1 stablecoin. This collaboration bridges real-world assets (RWA) and native DeFi liquidity, allowing users to move funds seamlessly across different blockchains. The partnership also enables users to earn sustainable yields and access liquidity without locking up their assets, making it easier for everyone to manage and grow their investments in the crypto space.

The post StakeStone and WLFI Join Forces to Boost USD1 Stablecoin Liquidity appeared first on Coinpedia Fintech News
StakeStone has teamed up with the Trump family’s crypto project, WLFI, to offer cross-chain liquidity support for the USD1 stablecoin. This collaboration bridges real-world assets (RWA) and native DeFi liquidity, allowing users to move funds seamlessly across different blockchains. The partnership also enables users to earn sustainable yields and access liquidity without locking up their …

German Prosecutors Halt eXch Crypto Platform, Confiscate $38.5 Million in Digital Assets

The Frankfurt am Main Public Prosecutor’s Office, in collaboration with the Central Office for the Combat of Internet Crime (ZIT) and the Federal Criminal Police Office (BKA), has shut down Germany-based cryptocurrency exchange eXch.

On April 30, law enforcement seized the exchange’s server infrastructure and approximately €34 million ($38.5 million) in crypto assets. 

German Authorities Shut Down eXch

In a press release issued on May 9, the authorities revealed that the seized crypto assets included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash (DASH). They also confiscated over eight terabytes of data.

“Once again, we have been able to seize millions of euros’ worth of illicit cryptocurrencies and shut down a digital money-laundering platform. The scale of these operations clearly shows that cybercrimes are being committed on an industrial level,” Carsten Meywirth, Head of the Cybercrime Department of the German Federal Criminal Police Office, said.

The seizure of eXch followed allegations that the privacy-focused exchange was used to launder illicit funds. The platform allegedly operated without Know Your Customer (KYC) requirements and was accessible on both the Clearnet and Darknet

The press release emphasized that the platform was advertised on criminal forums. It openly stated that it did not implement anti-money laundering measures. Users remained anonymous, with no identity verification and no data storage, making eXch ideal for hiding financial transactions. 

According to German authorities, eXch facilitated around $1.9 billion in cryptocurrency transfers since its launch. They suspect that the exchange received Bitcoin of criminal origin.

Moreover, it was allegedly laundering a significant portion of the $1.5 billion stolen from the hacked cryptocurrency exchange Bybit in February. The Bybit hack, attributed to North Korea’s Lazarus Group, is one of the largest cryptocurrency thefts in history. Hackers siphoned off over 400,000 ETH from the exchange’s cold wallet.

“eXch was used to launder hundreds of millions from the Bybit hack, Multisig hack, FixedFloat exploit, $243 million Genesis Creditor theft, and countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” blockchain investigator, ZachXBT, wrote on Telegram.

Amid the allegations surrounding Bybit’s funds, eXch announced its voluntary closure effective May 1. The exchange cited a hostile environment and the pressure from the ongoing transatlantic operation, which involved allegations of money laundering and terrorism, as key reasons for their decision to shut down.

“The goals we certainly never had in mind were to enable illicit activities such as money laundering or terrorism, as we are being accused of now. We also have absolutely no motivation to operate a project where we are viewed as criminals. This doesn’t make any sense to us,” the April 17 announcement read.

However, just one day before eXch’s closure, German authorities acted and seized it. They stated that they managed to secure numerous pieces of evidence and traces. For now, the Frankfurt Prosecutor’s Office has not released additional details on potential charges or arrests related to the operation.

The post German Prosecutors Halt eXch Crypto Platform, Confiscate $38.5 Million in Digital Assets appeared first on BeInCrypto.