He spent his own money to go undercover in a laundering ring for North Korean hackers
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ZachXBT has just released an investigation into a ring operating in Hong Kong and China that laundered over $1B from multiple hacks for North Korea's Lazarus Group.
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- After the Bybit hack, he spent ~$350K of his own money on a series of USDC and USDT swaps with the ring, eating a 5% loss per transaction just to earn their trust.
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- Once he had their trust, he started probing people inside the ring about their plans for the Bybit funds, then followed those leads to trace the related wallets.
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- In the end, he pinned down a cluster of wallets tied to over $12M from the Bybit hack, helping Tether freeze $442K USDT of it. The investigation also led to a freeze of $332K USDC from the Poloniex hack.
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ZachXBT has handed the full investigation over to the authorities, and he's now calling for funding to keep running operations like this.
$BTC $ETH $ZEC
⠀
ZachXBT has just released an investigation into a ring operating in Hong Kong and China that laundered over $1B from multiple hacks for North Korea's Lazarus Group.
⠀
- After the Bybit hack, he spent ~$350K of his own money on a series of USDC and USDT swaps with the ring, eating a 5% loss per transaction just to earn their trust.
⠀
- Once he had their trust, he started probing people inside the ring about their plans for the Bybit funds, then followed those leads to trace the related wallets.
⠀
- In the end, he pinned down a cluster of wallets tied to over $12M from the Bybit hack, helping Tether freeze $442K USDT of it. The investigation also led to a freeze of $332K USDC from the Poloniex hack.
⠀
ZachXBT has handed the full investigation over to the authorities, and he's now calling for funding to keep running operations like this.
$BTC $ETH $ZEC