Crypto analyst ZachXBT said he linked FreedomXMR, a service that went live in August 2026, to money laundering in the Hyperliquid ecosystem. He estimated that more than 87% of funds flowing through the service were obtained illegally. His analysis of transfers of $10,000 or more traced over $20 million that he said came from hacks, ransomware and fraud.
ZachXBT said the service’s administrator sources Monero liquidity from KuCoin and that he recorded more than 3,000 deposits to the exchange. He said he shared the underlying transaction data with the Hyperliquid team.
