ZachXBT says he posed as a crypto customer in 2025, exchanged stablecoins with a contact using the alias “Jimmy Green,” and gathered information that helped trace funds linked to the February 2025 Bybit exploit. He alleges the wider network laundered more than $1 billion across exploits linked to Lazarus Group. That total and the network’s alleged role are claims attributed to ZachXBT, not independently verified figures.
How did ZachXBT say he infiltrated the network?
In an October 5, 2026 disclosure reported by CryptoSlate and The Block, ZachXBT described an undercover operation that began after the Bybit exploit in February 2025. He said he noticed at least 15 accounts in public Telegram and Discord groups seeking help with orders he associated with stolen funds. He contacted several, including a Telegram user using the alias “Jimmy Green.”
According to his account, ZachXBT presented himself as a crypto client and carried out repeated stablecoin exchanges with the contact to build trust. CryptoSlate and The Block reported that he said he accepted a 5% loss per order; those reports do not establish his total net loss. ZachXBT’s opening transaction, he said, was on March 6, 2025: he funded a new Ethereum address with 349,700 USDC, then exchanged USDC on Ethereum for USDT on Tron.
ZachXBT said the contact discussed moving Bybit-linked funds before some movements took place. The Block reported that one receiving address the contact supplied was funded by a wallet ZachXBT said was directly traceable to Bybit exploit funds and appeared on Bybit’s public blacklist. These details describe his reported investigation; they do not establish the identity behind the alias.
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What funds did he say he traced?
ZachXBT said he matched a screenshot of a cross-chain transfer to a THORChain order created within minutes. He also said three Solana addresses supplied by the contact helped him identify a cluster of more than $12 million in funds he linked to the Bybit exploit, moving through Bitcoin, Ethereum, Solana, and Tron.
That reported cluster is not the same as the amount later frozen. CryptoSlate and The Block reported that Tether froze 442,000 USDT linked to the cluster. The reports do not say that the full amount of the cluster was frozen.
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His account also included a separate earlier conversation about a 2024 freeze. ZachXBT said the contact’s claim of roughly $300,000 matched an on-chain freeze of 332,000 USDC tied to the Poloniex exploit. That episode is distinct from Tether’s reported 442,000 USDT freeze.
What does “more than $1 billion” refer to?
The more-than-$1-billion figure is ZachXBT’s alleged total for laundering by the network across multiple exploits linked to Lazarus Group, as reported by CryptoSlate and The Block in 2026. It is a network-wide claim, not the size of the Bybit-linked cluster he said he traced. The reports do not provide an independently audited total for that allegation.
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What did the FBI say about the Bybit theft?
The FBI’s official attribution concerns the theft itself, not every allegation in ZachXBT’s later investigation. The Associated Press reported that on February 26, 2025, the FBI attributed the approximately $1.5 billion Bybit theft to North Korean-linked hackers, describing the activity as TraderTraitor and also referring to Lazarus Group. The FBI said the actors were converting stolen assets and dispersing them across thousands of addresses on multiple blockchains.
This official attribution gives context for why ZachXBT focused on funds connected to Bybit. It does not independently establish that the contact using “Jimmy Green” belonged to the alleged network, that the network laundered more than $1 billion, or that every transaction ZachXBT discussed was conducted by the same group.
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What is established—and what remains an allegation?
- Officially attributed: The FBI attributed the February 2025 Bybit theft to North Korean-linked actors, according to AP’s report.
- Reported as ZachXBT’s account: His undercover exchanges, the contact’s discussions of fund movements, the cross-chain tracing, and the claimed links among the addresses.
- Alleged scale: The more-than-$1-billion laundering total and the network’s connection to multiple Lazarus-linked exploits remain claims attributed to ZachXBT in the cited coverage.
- Separate reported outcome: Tether’s reported freeze was 442,000 USDT linked to the cluster, not a recovery of the entire more-than-$12-million cluster.
CryptoSlate’s October 5, 2026 account and The Block’s October 6 coverage report the investigation’s figures and chronology; AP’s February 27, 2025 report covers the FBI’s Bybit attribution. ForkLog’s October 6, 2026 translated report reproduces ZachXBT’s description of his role: “Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain.”
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