ZachXBT Says Probe Traced Bybit Funds to Laundering Network

Blockchain investigator ZachXBT says an undercover operation helped trace more than $12 million in funds linked to the 2025 Bybit theft and led to a reported Tether freeze of $442,000 in USDT. He also alleges that a Chinese laundering network handled more than $1 billion in proceeds from multiple crypto thefts for North Korea’s Lazarus Group, a claim not independently confirmed in the public records cited in the reports. In an X thread posted October 5, ZachXBT said he posed as a customer beginning in February 2025, shortly after the Bybit attack. He said he spent $349,700 in stablecoins and accepted a 5% loss on each order to build trust with an operator he identified as Jimmy Green. The investigator said he found people seeking help with transactions in public Telegram and Discord groups. ZachXBT said the operator shared wallet information and details about planned transfers. He compared those details with public blockchain transactions to identify links to the Bybit theft. One example involved a March 12 screenshot showing a swap of 1.192 bitcoin for 51.73 ether, which ZachXBT said matched a THORChain transaction connected to Bybit funds.