theblock.coarticleZachXBT says he fronted $349,700 to infiltrate alleged Chinese launderers tied to Lazarus, Bybit hack
The Block reports ZachXBT's account of posing as a client and fronting $349,700 USDC to an alleged Chinese laundering vendor, "Jimmy Green", who claimed to have laundered most of the $1.5B Bybit hack proceeds for Lazarus Group. On-chain checks tied the vendor's receiving address to Bybit exploit blacklist wallets and matched a THORChain order to a bridge screenshot. Tether later froze 442,000 USDT from a $12M+ cluster.
TL;DR ZachXBT posed as a client to expose a Chinese vendor laundering Bybit hack funds for Lazarus, leading to a 442,000 USDT Tether freeze.
Organisations named here
- Bybit
Technologies named here
- THORChain
- Bybit
- Ethereum
- Tether
- Solana
- TRON
- Bitcoin
- USDC
- ZachXBT
- Bybit exploit blacklist
Techniques named here
- Cross-chain money laundering
- On-chain analysis
- Undercover infiltration of a laundering service
Concepts named here
- Money laundering of stolen crypto
- Stablecoin freezes
Threat actors named here
- Lazarus Group
- DPRK
- Jimmy Green
- Lazarus Group (North Korea), linked to the $1.5B Bybit hack
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