Crypto sleuth ZachXBT claims he was able to infiltrate a Chinese organized crime syndicate that’s laundered over $1 billion in crypto for North Korean hacker collective Lazarus Group.

Last week, Zach uncovered multiple Chinese Telegram and Discord accounts looking for help with laundering funds stemming from September’s $387 million Bitget hack.

According to Zach, he was able to contact one of these accounts, named “Jimmy Green,” and pose as a money laundering client to gather intel.

As part of this process, he sent them various sums of money to be laundered and noted down crypto addresses and other key information.

1/ How I infiltrated a Chinese organized crime syndicate that has laundered $1B+ across multiple exploits for Lazarus Group.

Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain. pic.twitter.com/jauRRt8875

He revealed that he fronted almost $350,000 to do this, and that every order with Jimmy Green lost him 5%. 

There was “no guarantee Jimmy wouldn’t disappear with the funds” Zach claimed, adding that there was “an unknown amount of personal risk from dealing with the syndicate.”

His intel was later used to freeze funds linked to 2025’s $1.5 billion Bybit hack, and help connect crypto transactions to illicit activity. 

Jimmy told Zach that his team was responsible for laundering most of Bybit’s stolen funds, and shared various exploiter addresses and an example of bridging funds using THORSwap. 

When Jimmy revealed he laundered $3 million for another client, Zach was able to link the funds to Huione Guarantee, a sanctioned conglomerate that ran a multi-billion-dollar criminal marketplace.

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