Blockchain investigator ZachXBT says he infiltrated a Chinese money laundering syndicate by posing as a cryptocurrency client and funding repeated stablecoin trades. He alleges the network laundered over $1 billion across exploits for Lazarus Group, including over $12 million linked to the February 2025 Bybit exploit. He fronted 349,700 USDC to build trust with a contact using the alias Jimmy Green, losing 5% per order to obtain intelligence. Tether later froze 442,000 USDT linked to the cluster. The FBI previously stated that North Korea stole approximately $1.5 billion in virtual assets from Bybit on or about February 21, 2025.
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