Garden Finance Accused of Laundering Hacked Crypto Funds
- Blockchain sleuth ZachXBT alleged that over 80% of Garden Finance’s fee revenue is linked to illicit transactions involving the North Korean Lazarus Group.
- Jaz Gulati, co-founder of Garden Finance, reported collecting 38.86 Bitcoin in fees, with $300,000 earned in a recent period ending June 2.
- ZachXBT criticized Garden Finance for allegedly using centralized liquidity from Coinbase despite claiming a decentralized model.
- Garden Finance has facilitated over 24,984 BTC in total volume across more than 40,571 atomic swaps, collecting a total of 40.11 BTC in fees.
ZachXBT’s allegations against Garden Finance focus on its purported involvement with laundering funds from major crypto thefts, particularly those tied to the Bybit hack and the North Korean Lazarus Group. The claims challenge the platform’s assertions of being decentralized and trustless.
The accusations highlight concerns about centralized liquidity use and potential misrepresentation by platforms claiming decentralization while facilitating significant transaction volumes linked to illicit activities. (Source)
