Crypto investigator ZachXBT says he fronted 349,700 USDC to pose as a client of an alleged Chinese laundering network, accepting a 5% loss on each order. He said information gathered through the operation helped identify more than $12 million in funds linked to the February 2025 Bybit exploit; The Block later reported that Tether froze 442,000 USDT connected to the cluster. Those figures describe different things, and the alleged network’s ties to Lazarus Group remain ZachXBT’s allegation—not an independently established finding in the reports.
How ZachXBT says the operation worked
Decrypt reported on October 5, 2026, that ZachXBT said he posed as a client of an alleged Chinese laundering syndicate and fronted 349,700 USDC on March 6, 2025. He said he accepted a 5% loss on each order as part of the arrangement. Decrypt’s report quotes his description of gathering intelligence while posing as a client.
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In its October 6, 2026 account, The Block reported that he funded a new Ethereum address and transacted with an operator using the pseudonym “Jimmy Green.” The stated purpose was to gather intelligence about funds associated with the Bybit exploit. The reports describe ZachXBT’s account; they do not independently establish the full scope or structure of the alleged operation.
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The Block said ZachXBT reported that information from three Solana addresses helped him identify a cluster of more than $12 million in Bybit exploit funds moving across Bitcoin, Ethereum, Solana and Tron. The report also says Tether later froze 442,000 USDT linked to that cluster.
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| Figure | What it refers to |
|---|---|
| More than $12 million | Value of the Bybit-linked fund cluster ZachXBT said the addresses helped identify, as reported by The Block. |
| 442,000 USDT | Funds Tether later froze that The Block said were linked to the cluster. |
The reported freeze was not a freeze of the entire cluster: 442,000 USDT is distinct from the cluster’s reported value of more than $12 million. The figures are attributed to ZachXBT and The Block’s account; the reports do not provide independent freeze records confirming the full tracing.
What is alleged about Lazarus—and what the FBI attributed to North Korea
ZachXBT’s claim that the alleged laundering network handled proceeds for Lazarus Group is separate from attribution of the Bybit attack itself. The Block reported ZachXBT’s allegation that the network had laundered more than $1 billion across multiple Lazarus Group-linked exploits. That is his reported allegation, not a volume independently established by the two reports.
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Decrypt described the February 2025 Bybit exploit as causing $1.5 billion in losses and said the FBI attributed the attack to North Korean hackers it tracks as TraderTraitor. That FBI attribution, as summarized by Decrypt, concerns the attack; it does not by itself verify ZachXBT’s separate allegation about who laundered the proceeds.
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The Block reported that ZachXBT said he shared his findings with law enforcement and delayed publishing details because the investigation was sensitive. The reports do not include independent confirmation from law enforcement of that explanation. The Block also reported his statement that he had helped action $75 million in freezes related to North Korean incidents since 2022; that figure is ZachXBT’s reported account.
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What the reporting establishes—and what it does not
- Reported by ZachXBT: he fronted 349,700 USDC, accepted a 5% loss per order and used the client cover to gather intelligence.
- Reported investigative result: information from three Solana addresses helped identify a Bybit-linked cluster valued above $12 million, with 442,000 USDT later frozen according to The Block.
- Separately attributed: Decrypt says the FBI attributed the Bybit exploit to TraderTraitor, while the claimed laundering network’s Lazarus connection and more-than-$1-billion volume are allegations attributed to ZachXBT.
- Not independently established in these reports: the alleged network’s complete operations, total laundering volume, or law-enforcement confirmation of ZachXBT’s account.
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