ZachXBT says he spent $349,700 in USDC posing as a customer to investigate people he alleges laundered cryptocurrency connected to the February 2025 Bybit hack. His account describes tracing a cluster of more than $12 million in Bybit-linked funds and a subsequent freeze of 442,000 USDT. Those figures and the alleged network’s links to Lazarus come from ZachXBT’s account as reported by media outlets; the FBI separately attributed the Bybit theft itself to North Korea.
How ZachXBT says he entered the alleged network
According to The Block, ZachXBT began looking into the activity after seeing more than 15 accounts in public Telegram and Discord groups seeking help with orders tied to funds stolen in the Bybit exploit. He posed as a customer and funded a new Ethereum address with 349,700 USDC to transact with an operator using the pseudonym “Jimmy Green.”
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Decrypt dates the funding to March 6, 2025, and reports that ZachXBT completed several transactions to build trust. He said he accepted a loss of about 5% on each order and had no assurance the operator would not disappear with the funds. The $349,700 was money he says he put at risk to pose as a client; it was not a recovery total.
The exchange address and alleged links
In March, Jimmy reportedly provided an address for exchanging USDC for USDT on Tron. ZachXBT said the address had been gas-funded by a wallet directly traceable to funds from the Bybit exploit and included on Bybit’s public blacklist of exploit-linked addresses. He also said Jimmy discussed moving Bybit funds for the DPRK before that movement occurred, and described activity in Hong Kong and mainland China. These are claims in ZachXBT’s account, not independently established findings about Jimmy’s identity or the network’s structure.
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What the on-chain tracing reportedly showed
ZachXBT said a screenshot Jimmy shared on March 12 showing a bridge transaction matched a THORChain order created within minutes, based on its timing and amounts. He also said three Solana addresses supplied by Jimmy helped him identify a cluster of more than $12 million in Bybit exploit funds moving across Bitcoin, Ethereum, Solana and Tron, according to The Block and Decrypt.
The outlets report that Tether later froze 442,000 USDT linked to the cluster. BlockSec’s tracker shows a USDT freeze event dated March 14, 2025, for a particular Ethereum address. That address-level record does not, by itself, verify the reported total for the wider cluster.
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Other checks ZachXBT described
The Block and Decrypt also report two additional connections ZachXBT said he checked: Jimmy’s reference to roughly $300,000 frozen in 2024 reportedly matched 332,000 USDC from the Poloniex exploit, while a claim of $3 million in fraud proceeds reportedly traced to a Huione Guarantee hot wallet. These links are reported as part of ZachXBT’s account; the reporting does not establish them as findings by a court or law enforcement agency.
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The FBI’s Internet Crime Complaint Center (IC3) said in a February 26, 2025 public service announcement that North Korea was responsible for stealing approximately $1.5 billion in virtual assets from Bybit on or about February 21. The FBI refers to the activity as “TraderTraitor” and said the actors were moving quickly, converting some assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains.
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That official statement supports the DPRK attribution for the Bybit theft. It does not establish the identity or full scope of the alleged intermediary network ZachXBT describes, nor does it verify every detail of his infiltration account. The Block reports that ZachXBT said he shared findings with law enforcement and delayed public disclosure because the investigation was sensitive. The sources cited here provide no public case number, law-enforcement confirmation of the specific alleged network, or court finding about its members.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains an allegation
The Block and Cointelegraph report ZachXBT’s allegation that the network laundered more than $1 billion across multiple exploits. That is an attributed estimate, not an independently verified accounting. Likewise, describing the alleged network as Chinese or linking it to Lazarus reflects the reported allegations; it should not be confused with the FBI’s separate, official attribution of the Bybit theft to North Korea.
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Decrypt reproduced ZachXBT’s statement: “Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain.” He also described the financial and personal exposure involved, saying he fronted $349,700, lost 5% on each order, and faced uncertainty about whether Jimmy would disappear with the funds. The original X thread was not available for direct verification in the reporting cited here, so those quotations are reproduced as reported by Decrypt.
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