In this news brief, we are posting links to news stories about the Kyrrex case. The Kyrrex case is about whether a cryptoexchange has a duty of care to third parties who have been victims of boiler room fraud, where the fraudsters use Kyrrex to launder the stolen cryptocurrency. There is no case law yet that clarifies the liability of exchanges when fraudsters use an exchange. One peculiarity is that Kyrrex is a “nested service.” This means that fraudsters can sell stolen crypto to customers of another, larger exchange, after which the proceeds are redirected to underlying, hidden accounts.

ICIJ Research (Nov. 17, 2025, English):

https://www.icij.org/investigations/coin-laundry/hunt-for-missing-millions-unmasks-one-crypto-exchange-hidden-inside-another/

Article Financiëele Dagblad (Nov. 18, 2025, Dutch):

https://fd.nl/financiele-markten/1578021/unieke-nederlandse-miljoenenclaim-om-dubieuze-cryptodienst

Article Moneylaundering.com (Nov. 7, 2025, English):

https://www.moneylaundering.com/news/court-filings-blockchain-data-tie-nested-exchange-to-crypto-scams/?type=free

Broadcast MAX Meldpunt (Oct. 10, 2o25, Dutch):

Toezicht op handel in cryptomunten schiet tekort.

Notice MFSA (Feb. 11, 2025, English):

https://www.mfsa.mt/news-item/mfsa-notice-clarification-on-the-distinction-between-real-exchange-rex-ltd-and-kyrrex-limited-entities-operating-in-different-jurisdictions/

Article Decripto (Aug. 1, 2024, English):

https://decripto.org/en/destination-kyrrex-the-caribbean-exchange-that-laundered-billions-in-scams-and-more-exclusive-analysis/