Crypto Daily Update: Galaxy Digital’s Nasdaq Plans, $38M Seized in Bybit Hack Case, and SEC Criticism Over Ripple Settlement

Galaxy Digital Cleared for U.S. Redomicile, Eyes Nasdaq Listing by Mid-May

Galaxy Digital has received approval from the U.S. Securities and Exchange Commission (SEC) to redomicile in Delaware, setting the stage for its anticipated listing on the Nasdaq stock exchange under the ticker symbol GLXY. The move comes as the crypto investment firm looks to expand its presence in traditional financial markets. While the company already trades on the Toronto Stock Exchange, it now awaits shareholder approval at a special meeting on May 9 and final consent from the TSX. If all goes according to plan, Galaxy could begin trading on Nasdaq as early as mid-May.

Galaxy Digital SEC form S-4. Source: SEC

This transition reflects the growing institutionalization of the digital asset industry and increased demand for crypto exposure through mainstream equity markets.

Germany Seizes $38M in Crypto From Platform Linked to Bybit Hack

German authorities have seized €34 million ($38 million) in cryptocurrency from eXch, a platform allegedly used to launder funds stolen in the February 2025 Bybit hack. The seizure involved a range of digital assets, including Bitcoin, Ether, Litecoin, and Dash, and is the third-largest crypto confiscation in German history.

Example of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs

eXch, active since 2014, operated as a crypto-swapping service that reportedly enabled around $1.9 billion in illicit transfers without adhering to anti-money laundering (AML) standards. The platform was also found to be hosting over eight terabytes of data on servers in Germany, which have since been taken offline. Authorities believe that part of the $1.5 billion stolen in the Bybit breach was funneled through eXch.

SEC’s Crenshaw Blasts Ripple Deal, Cites Threat to Regulatory Integrity

SEC Commissioner Caroline Crenshaw has sharply criticized the agency’s proposed settlement with Ripple, calling it a blow to investor protection and the integrity of securities regulation. The joint proposal, filed in court on May 8, seeks to dissolve a 2024 injunction against Ripple and return $75 million of the $125 million in penalties currently held in escrow.

Caroline Crenshaw’s statement on the agency’s settlement with Ripple. Source: SEC

Crenshaw, a known skeptic of the crypto industry, warned that the deal undermines the SEC’s authority and the judicial system's role in interpreting securities law. She pointed to what she sees as a pattern of enforcement rollbacks that could weaken the agency's legal credibility and regulatory consistency in the digital asset space.