Chinese Crime Syndicate Allegedly Laundered Over $1 Billion for Lazarus

Blockchain investigator ZachXBT says a Chinese organized crime syndicate laundered more than $1 billion from multiple crypto exploits for North Korea’s Lazarus Group. He disclosed the findings in an Oct. 5 X thread, saying he infiltrated the network after the February 2025 Bybit hack.

ZachXBT said he posed as a paying client and supplied $349,700 in stablecoins while accepting a 5% loss on each order. He used the activity to build trust with an operator called “Jimmy Green.” The investigator said the operation spanned Hong Kong and mainland China. Information from the network helped identify more than $12 million in Bybit-linked funds, while Tether later froze $442,000 in associated USDT.

The findings add to evidence of Chinese intermediaries helping move crypto stolen by North Korean hackers. U.S. authorities have previously targeted Chinese and Hong Kong-based actors accused of converting stolen digital assets and bypassing financial controls. ZachXBT also linked similar intermediaries to other recent crypto exploits.