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ZachXBT says he fronted 349,700 USDC to pose as a client of an alleged Chinese laundering syndicate, accepting a 5% loss on each order to gather intelligence about funds connected to the February 2025 Bybit exploit. Reporting says information from the operation helped identify a cluster worth more than $12 million; Tether later froze 442,000 USDT linked to that cluster—not the full amount.
What ZachXBT says he did
In an October 5, 2026 report, Decrypt said ZachXBT described posing as a client of an alleged Chinese organized crime syndicate. He said he fronted 349,700 USDC on March 6, 2025 and accepted a 5% loss on each order. Decrypt’s account quotes his description of the goal: “Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain.”
The Block’s October 6 report adds that ZachXBT funded a new Ethereum address and transacted with an operator using the pseudonym “Jimmy Green.” The reporting presents the payment and contact as part of his account of the operation; it does not independently establish the identity behind that pseudonym.
What the operation reportedly helped uncover
ZachXBT said information from three Solana addresses helped identify a cluster of more than $12 million in funds connected to the Bybit exploit, spanning Bitcoin, Ethereum, Solana and Tron. The Block reported that Tether later froze 442,000 USDT linked to that cluster.
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- Cluster identified: more than $12 million in Bybit-exploit funds, according to ZachXBT as reported by The Block.
- Reported freeze: 442,000 USDT linked to the cluster, according to The Block.
The freeze figure is not the value of the whole cluster. The reports do not establish that all funds in the cluster were frozen or recovered.
What is alleged about Lazarus—and what the FBI attribution means
ZachXBT’s post described the alleged syndicate as having laundered more than $1 billion across multiple exploits for Lazarus Group. That is his allegation as reported by Decrypt and The Block, not a finding independently established in those reports or a court judgment. The Block also says he reported that the network had handled proceeds linked to multiple Lazarus Group-related exploits.
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Separately, Decrypt reported that the FBI attributed the February 2025 Bybit attack to North Korean hackers it tracks as TraderTraitor. That is an attribution concerning the attack; it should not be treated as independent confirmation of ZachXBT’s separate claim about the laundering syndicate’s links or alleged total volume.
Why the public account came later
The Block reported that ZachXBT said he shared his findings with law enforcement and delayed publishing details because of the investigation’s sensitivity. The report does not provide independent law-enforcement confirmation of that explanation. It also quotes his claim that he had helped action $75 million in freezes related to North Korean incidents since 2022; this is his reported cumulative figure, not an independently verified total in the cited coverage.
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- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
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What the reports establish—and what they do not
The published accounts describe a costly undercover tactic and a specific reported outcome: information that ZachXBT said helped identify a Bybit-linked cluster, followed by a freeze of some funds linked to it. The evidence described in these reports should be kept distinct: address-based information and reported transactions are not the same as independently verified proof of every claimed counterparty relationship or the syndicate’s overall volume.
For the Bybit incident and the reported operation details, see Decrypt’s October 5, 2026 report and The Block’s October 6, 2026 report.
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