Garden Finance Accused of Facilitating Crypto Laundering
- Blockchain investigator ZachXBT claims over 80% of Garden Finance’s recent fee revenue is linked to illicit transactions involving the North Korean Lazarus Group.
- Garden Finance reportedly collected $300,000 in fees over a span of just twelve days ending June 2.
- ZachXBT alleges a single actor repeatedly added liquidity from Coinbase, challenging Garden Finance’s decentralization claims.
- Garden Finance has facilitated over 24,984 BTC in total volume, equivalent to more than $1.5 billion, across atomic swaps.
The allegations against Garden Finance highlight concerns about its role in laundering funds from the Bybit hack and challenge its decentralized model claims. Despite these accusations, the platform has processed significant Bitcoin volumes through crosschain swaps.
ZachXBT’s findings suggest that a large portion of Garden Finance’s revenue may be tied to illicit activities, raising questions about its operational integrity and decentralization claims. (Source)
