ZachXBT Exposed Chinese Syndicate Laundering Bybit Hack Funds

Investigative journalist ZachXBT posed as a client to infiltrate a Chinese syndicate laundering funds from the Bybit hack. The syndicate is alleged to have ties to North Korea. In his undercover operation, ZachXBT fronted 349,700 USDC to a broker who revealed the syndicate's next moves. The broker even disclosed where the stolen funds were heading next.

ZachXBT also reported losing 5% on every order during the operation. His findings suggest a well-organized effort to launder the stolen cryptocurrency. The investigation highlights the challenges of tracking and recovering funds in the crypto space, especially when state-sponsored actors are involved.