ZachXBT says crime group with Chinese roots laundered over $1B in Lazarus funds

A crime group with Chinese roots laundered more than $1 billion in cryptocurrency stolen by North Korean hacking group Lazarus, on-chain analyst ZachXBT said, according to Cointelegraph. ZachXBT said ZachXBT infiltrated the laundering group after the Bybit hack in February 2025 by posing as a paying client, and spent $349,700 in stablecoins while accepting a 5% loss on each trade order to gain the trust of one of the operation’s organizers, Jimmy Green. ZachXBT added the group operated in Hong Kong and mainland China, and said information provided by the launderers helped identify more than $12 million in funds tied to the Bybit case. Tether later froze $442,000 in related USDT, the outlet reported.