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10/07/2026

ZachXBT Claims $1B+ Laundered by Alleged Chinese Syndicate Linked to Lazarus and Bybit Hack

What happened: On October 5, on-chain investigator ZachXBT revealed that he had personally fronted $349,700 USDC to infiltrate a Hong Kong/mainland China-based laundering ring allegedly tied to North

ZachXBT Claims $1B+ Laundered by Alleged Chinese Syndicate Linked to Lazarus and Bybit Hack

What happened: On October 5, on-chain investigator ZachXBT revealed that he had personally fronted $349,700 USDC to infiltrate a Hong Kong/mainland China-based laundering ring allegedly tied to North Korea's Lazarus Group and the $1.5 billion Bybit hack. Over 18 months, the operation led to the freezing of 442,000 USDT by Tether and uncovered laundering routes for funds from multiple exploits, including the 2024 Poloniex breach.

Why it matters: The disclosure highlights the role of independent investigators in tracking cross-border crypto crime, as well as the ongoing challenge of laundering at scale via stablecoins and bridges. While ZachXBT's findings are supported by corroborating freezes, the full extent of the syndicate's operations and official law enforcement attribution remain unconfirmed. The case underscores the blurred lines between private and public sector efforts in crypto forensics.

Source: The Block, Crypto Briefing