ZachXBT Exposes $1 Billion Laundering Scheme Linked to Lazarus Group
- ZachXBT infiltrated a Chinese laundering syndicate by posing as a cryptocurrency client, funding transactions with stablecoins.
- He fronted $349,700 USDC to establish trust with a contact known as Jimmy Green.
- The investigation revealed the syndicate laundered over $1 billion for North Korea’s Lazarus Group, including more than $12 million traced from Bybit funds.
- Tether later froze $442,000 USDT linked to the identified cluster of funds.
- ZachXBT noted that his findings were separate from FBI investigations into the Bybit exploit, which involved approximately $1.5 billion in stolen assets.
This investigation highlights ongoing issues of money laundering in the cryptocurrency space, particularly involving state-sponsored groups like Lazarus Group. ZachXBT’s efforts have led to significant fund freezes and increased awareness of laundering tactics used by such syndicates.
Through his infiltration, ZachXBT traced over $12 million in stolen Bybit funds and facilitated the freezing of additional assets linked to these operations.(Source)
