German police don carry $38M worth of crypto from eXch because dem say na money wey dem wash from Bybit hack
German ogbon government don seize like $38 million wey be Bitcoin, Ethereum, Litecoin, and Dash from one crypto exchange dem call eXch. Dem say na part of one big work wey dem dey do to catch pipo wey dey wash money wey relate to cybercrime. On April 30, di Federal Criminal Police Office (BKA) and di Public Prosecutor’s Office for Frankfurt carry eXch servers and plus 8 terabytes of data. Dis one make dem eye red well well on crypto exchanges wey no follow rules. Dem talk say eXch wash money after one big hack wey happun for Bybit earlier dis year, wey pipo lose $1.5 billion. Blockchain pipo wey investigate say di hack na North Korea Lazarus Group do am. One research company wey dem call Elliptic talk say some of di money wey dem steal pass through eXch, but di exchange talk say dem no too involve, say na small small processing dem do. Dis wahala happun just after eXch don already announce say dem wan close down, say dem fear say government go come after dem. Dis kain tin show say government eye dey more on centralized crypto platforms and e dey make am risky for exchanges wey fit dey connect to bad bad work. Crypto traders suppose dey watch how government rules dey change and how dem dey make sure pipo follow rules as finacial crime investigations dey serious. Dis one fit affect how pipo feel, especially about centralized platforms wey dey handle Bitcoin, Ethereum, Litecoin, and Dash.
Bearish
Di seize $38 million of different different cryptocurrencies from eXch, and wet talk say dem join body for laundering money wey tie to the big Bybit hack, don make people worry more about exchange security and how dem follow rules. Before before, when regulators clamp down on centralized exchanges, e dey usually cause price go down small for short time, especially for the coins wey dem talk about like BTC, ETH, LTC, and DASH. When dem watch platforms wey no follow rules well well and maybe carry dem go court, e fit make traders comot their money, make users no trust again, and make market shake. For long time, even if more rules fit make trading place safer, the immediate effect go likely be market go down because of fear and bad feeling around crypto exchanges wey get hand in bad bad things.