$USDT The story behind a freeze has come to light: Last night Beijing time, on-chain investigator ZachXBT revealed that he had posed as a customer and infiltrated a Chinese underground group helping North Korea’s Lazarus launder money.
USDT is a dollar-pegged stablecoin issued by Tether. Many money-laundering routes end with funds being converted into USDT and then dispersed.
He said his contact was named Jimmy Green, who was helping move the funds stolen from Bybit. He first used his own money to trade with the contact, accepting a loss on every deal just to build trust.
Once they had grown closer, the contact would tell him which blockchain the money was going to be moved to, and the next day it would actually be moved there. The contact also sent over several Solana addresses. By tracking them, he uncovered a whole string of stolen funds being rapidly exchanged among Bitcoin, Ethereum, Solana, and Tron.
Around 440,000 USDT from this trail was later frozen by Tether.
He said he had handed what he found to private-sector investigators and the law enforcement agencies handling the case at the time. Because the case was sensitive, it wasn’t made public until now.
USDT is a dollar-pegged stablecoin issued by Tether. Many money-laundering routes end with funds being converted into USDT and then dispersed.
He said his contact was named Jimmy Green, who was helping move the funds stolen from Bybit. He first used his own money to trade with the contact, accepting a loss on every deal just to build trust.
Once they had grown closer, the contact would tell him which blockchain the money was going to be moved to, and the next day it would actually be moved there. The contact also sent over several Solana addresses. By tracking them, he uncovered a whole string of stolen funds being rapidly exchanged among Bitcoin, Ethereum, Solana, and Tron.
Around 440,000 USDT from this trail was later frozen by Tether.
He said he had handed what he found to private-sector investigators and the law enforcement agencies handling the case at the time. Because the case was sensitive, it wasn’t made public until now.