ZachXBT Says He Fronted $349,700 to Infiltrate Chinese Syndicate Laundering Bybit Hack Funds
On-chain investigator ZachXBT says he infiltrated a Chinese crime syndicate accused of laundering funds stolen by North Korea’s Lazarus Group from Bybit, according to The Defiant and Decrypt. He says he posed as a customer, fronting 349,700 USDC and losing The investigator says he fronted 349,700 USDC and lost 5% on every order to a broker who told him in advance where North Korea's stolen funds were going next
on every order to a broker, according to The Defiant.
ZachXBT says the broker told him in advance where the stolen funds were headed next, allowing him to track the laundering network in near real time, according to Decrypt and The Defiant.
According to The Defiant, the investigator links his undercover work to a 442,000 USDT freeze, after identifying a cluster he tied to the Bybit hack and valued at more than The investigator links his undercover work to a 442,000 USDT freeze after identifying a cluster he tied to Bybit and valued at more than $12 million.
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Cointelegraph reports that ZachXBT says the Chinese network laundered over Chinese crime network laundered over $1B for Lazarus: ZachXBT.
for Lazarus Group, with the funds traced back to the ZachXBT says he infiltrated the network by posing as a customer, gaining information that helped trace funds from the $1.5 billion Bybit hack.
Bybit hack.
The reports do not identify the syndicate or broker by name, and do not say whether any arrests have followed the freeze.
Sources: The Defiant, Decrypt, Cointelegraph
This article is for information only and is not financial advice.
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